Uber has called it quits on another market

Following months of speculation, Uber will be no longer in Southeast Asia.

Uber has sold its ride-hailing and food delivery business in the region to competitor Grab, the two companies confirmed in a statement online on Monday.

SEE ALSO: Who is responsible when a self-driving car kills someone?

While the sale price wasn't revealed, Uber will retain a 27.5 percent stake in Grab and Uber's CEO Dara Khosrowshahi will join Grab's board. 

Grab said the acquisition was the "largest-ever of its kind in Southeast Asia," with the Singaporean-based firm to take over operations in Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Thailand, Vietnam, and of course, Singapore. Read more...

More about Uber, Asia, Grab, Ridesharing, and Big Tech Companies

https://ift.tt/2I3aDN0 from Tech https://ift.tt/2I2gAtu
via IFTTT