Uber sells to Grab: A look back at the brand's SEA ads

Uber Technologies Inc. has agreed to sell its Southeast Asian operations to its rival Grab retreating from one of the fast-growing region again

Uber is giving up on the fight for ride-hailing customers in Southeast Asia.

Uber Technologies Inc. has agreed to sell its Southeast Asian business to regional rival Grab.

"All Uber employees in its SEA operations will receive offers to join Grab". For Grab, the deal will help its meal-delivery service, which will now merge with Uber Eats, compete with Go-Jek, according to a person close to Grab. The companies declined to disclose the deal's price tag. He will also be joining Grab's board.

Uber and Singapore-based Grab, Southeast Asia's biggest ride-hailing firm, declined to comment.

"Didi fully supports Grab's acquisition of Uber's Southeast Asian operations, and looks forward to continuing a long-term relationship with Grab as a strategic investor", a Didi representative told Caixin. Uber then signed a similar deal with Yandex in Russian Federation just a year ago.

The withdrawals highlight the limits of the company's aggressive efforts to dominate ride-hailing in dozens of countries around the world. Moreover the Chief executive Travis Kalanick was ousted in June past year after missteps including allegations of executive misconduct, a toxic workplace atmosphere and potentially unethical competitive practices. In other words, it will only own a quarter of that primarily Grab-run combined company. "After investing $700 million in the region, we will hold a stake worth several billion dollars, and strategic ownership in what we believe will be the victor in an important global region".

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Grab will take over Uber's operations and assets in Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.

The rumors have been flying around for a few months, but now we finally have confirmation.

But two major developments have happened since then.

Khosrowshahi has already begun to narrow Uber's losses, shifting the company's strategy from growth-at-all costs to a more measured, pragmatic approach. Early previous year, Didi invested $100 million in US -based Lyft, Uber's main rival at home. It has a valuation of $6 billion after the most recent fund raising from Didi Chuxing, SoftBank and others last July.

This deal represents another of Uber's operational exit from worldwide markets.

This retreat marks Uber's third exit from an global geography at the hands of a rival. "The answer is no".

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