Grab buys Uber's business in Southeast Asia

Uber sells all SE Asian operations (including UberEats) to competitor Grab

Softbank is one of the main investors of the Uber rival Grab. In the meantime, Uber will still be operational for the next two weeks.

Grab provides services in Singapore, Indonesia, the Philippines, Malaysia, Thailand, Vietnam, Myanmar and Cambodia. Grab is in the process of transferring or "onboarding" your data, so if you're feeling antsy you can still sign up as a Grab driver yourself. Meanwhile the sale is Uber's latest withdrawal from a market where it had faced fierce competition, as new chief executive Dara Khosrowshahi seeks to stem huge losses and move past a series of scandals.

The cease-fire marks a victory for Grab as well as SoftBank Group Corp., the biggest shareholder in both companies. Check out the Grab site or the GrabFood site for more details.

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Uber's CEO Dara Khosrowshahi said at a conference in NY in November that the company's Asia operations were not going to be "profitable any time soon", particularly because of how heavily Uber was subsidizing rides there.

The deal represents another major retreat from worldwide markets for Uber.

The deal will also give Grab, which has been investing heavily in its food deliver business, access to UberEats. However, the statement did not disclose the value of the deal between Uber and Grab. The car-hailing firm sold its China business to local rival Didi Chuxing in 2016. For instance, Grab let passengers text drivers via a chat feature within the app with in-built automated translation feature.

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Market watchers said Uber's surrender in Southeast Asia - one of the world's fastest-growing economies with over 600 million people - could be a boon to Didi, as it has been gearing up for an worldwide expansion. Similar to Uber, Grab offers a range of transport-focused services, including ride-hailing and ride-sharing, among other similar offerings. According to reports, the company suffered $4.46 billion in losses a year ago, but improved over time, losing $1.1 billion in the fourth quarter, compared with $1.5 billion in the third quarter.

Khosrowshahi took over as CEO in August, replacing Travis Kalanick who was forced out by major Uber shareholders after a series of crises.

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