View source for Uber sells out of Southeast Asia operations in latest retreat

Ride-hailing giant Uber is to sell its business in Southeast Asia to regional rival Grab in a move that signals another [http://www.Thefashionablehousewife.com/?s=international%20retreat international retreat] for the US firm.<br><br>It comes after Uber also pulled out of China and Russia in recent years and as new chief executive Dara Khosrowshahi  [http://burmatourist.com/ myanmar tourist] attempts to turn its fortunes around.<br><br>Under the terms of the deal, Uber will take a 27.5% stake in Grab, which operates ridesharing, food delivery and financial services businesses. Uber will also have a seat on Grab�s board.<br><br>Uber will take a 27.5% stake in Grab, a fast growing Southeast Asian ridesharing, food delivery and financial services business (Wong Maye-E/AP)<br><br>Grab functions across Singapore, Indonesia, the Philippines, Malaysia, Thailand, Vietnam, Burma and Cambodia, handling more than a billion transactions a year.<br><br>Chief executive and co-founder Anthony Tan said the Uber deal �marks the beginning of a new era� in using mobile businesses to provide an array of services.<br><br>Grab said it plans to expand its food delivery business to Singapore and Malaysia after integrating it with Uber Eats.<br><br>The company also plans to expand GrabCycle for shared bicycles and �personal mobility devices� and is planning GrabShuttle services for on-demand bus routes.<br><br>An Uber rider talks with a Grab rider in Jakarta, Indonesia (Achmad Ibrahim/AP)<br><br>Uber drivers will switch to the Grab online platform and the Uber app will stop working in Asia in two weeks.<br><br>Since taking the top job last year, Mr Khosrowshahi has been attempting to make the company profitable before a mooted initial public offering.<br><br>Uber booked a full-year net loss of 4.5 billion US dollars in 2017 in the wake of several scandals.<br><br>In China, Uber has sold off its local business to competitor Didi Chuxing, also taking a stake in the Asian firm. In Russia, it agreed to merge its ride-hailing business in the country with local player Yandex.<br><br>Advertisement