Uber selling Southeast Asian business to regional rival Grab

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Uber selling Southeast Asian business to regional rival Grab
Office workers walk past Grab and Uber offices during their lunch hour Monday, March 26, 2018, in Singapore. Grab, a fast growing Southeast Asian ridesharing, food delivery and financial services business, said Monday that Uber will take a 27.5 percent stake in it and a seat on its board as part of the deal. (AP Photo/Wong Maye-E)

BANGKOK (AP) — Ride-hailing giant Uber is selling its business in Southeast Asia to regional rival Grab while gaining a robust stake in the fast-growing ridesharing, food delivery and financial services business.

Grab said Monday that Uber will take a 27.5 percent stake and a seat on its board as part of the deal. Financial details were not disclosed.

Since becoming Uber’s CEO in September, Dara Khosrowshahi has been maneuvering to make the company profitable before a planned initial public offering expected next year.

The company’s full-year net loss widened to .5 billion in 2017 as it endured multiple scandals and the replacement of its CEO.

Grab provides services in Singapore, Indonesia, the Philippines, Malaysia, Thailand, Vietnam, Myanmar and Cambodia. It says it handles over a billion transactions a year.