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Uber quits 8 countries in Southeast Asia, selling out to rival Grab

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1202 Rider Driver Guru
 Posted 4 years, 8 months ago

"Uber is giving up on the fight for ride-hailing customers in Southeast Asia.

The US company is selling its business in the region to local rival Grab, the companies said in a statement Monday.

Uber won't receive any cash from the sale. Instead, it will get a 27.5% stake -- worth several billion dollars -- in Singapore-based Grab. The companies declined to disclose the deal's price tag."


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