Grab in advanced talks to buy some of Uber’s Southeast Asia businesses: source

This post was originally published on this site

SINGAPORE (Reuters) – Southeast Asia’s biggest ride-hailing firm, Grab, is in advanced negotiations to buy parts of Uber Technologies Inc’s business in the region and offer a stake in itself, said a source with knowledge of the talks, in a move that would mark Uber’s pullback from its global expansion.

SoftBank Group Corp’s emergence as Uber’s largest shareholder in January through a multi-billion dollar funding with a group of investors had increased the possibility of a consolidation with Grab, industry sources had previously said.

Grab declined to comment while Uber did not immediately respond to Reuters’ queries.

During a visit to India last month, Uber’s CEO pledged to continue investing aggressively in Southeast Asia.