SINGAPORE/SAN, FRANCISCO ¨C Ride-hailing firm Uber Technologies Inc. has agreed to sell its Southeast Asian business to bigger regional rival Grab, the firms said in a statement on Monday, marking the U.S. company¡¯s second retreat from an Asian market.
The deal is the industry¡¯s first big consolidation in Southeast Asia, home to about 640 million people, and puts pressure on Indonesia¡¯s Go-Jek ¡ª which is backed by Alphabet Inc.¡¯s Google and China¡¯s Tencent Holdings Ltd.
A shake-up in Asia¡¯s fiercely competitive ride-hailing industry became likely earlier this year when SoftBank Group Corp.¡¯s Vision Fund made a multibillion dollar investment in Uber. SoftBank also invested in Grab.
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