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Image credit: Edgar Su / Reuters

Uber is reportedly preparing to sell its Southeast Asia business

CNBC reports the deal with Grab could help clear the way for an IPO.
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A driver checks his McLaren taxi after a photoshoot for taxi-booking app GrabTaxi's fleet of seven luxury cars in Singapore September 15, 2015. Edgar Su / Reuters

Late last year Uber sold off its business in China to a competitor, and now it looks like the Southeast Asia region could follow a similar path. CNBC reports that it's preparing to make a deal with Grab, a company that claimed to have 95 percent of ride-hailing business in the region last year. Grab was in the middle of raising a $2.5 billion round of investments from sources including (recent Uber investor) Softbank when it made that claim, and the rumored deal would give Uber a "sizable" stake in its competitor. If this happens, it could, like the company's settlement with Waymo over trade secrets, help Uber pave the way for an IPO soon.

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