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Uber is selling parts of its Southeast Asia operations to local rival Grab, getting a piece of the action in the process, according to US media reports.
Grab is on the cusp of buying Uber's business in some Southeast Asia markets in a deal that would give the California-based smartphone-summoned ride service a stake in its competitor, reported Bloomberg and the Wall Street Journal.
Size - Stake - Percent - Percent - Reports
The size of the stake could be around 20 percent or more than 30 percent, according to the reports, which cited unnamed sources.
Uber did not respond to an AFP request or comment.
US - Ride - Share - Competition - Asia
The US ride share titan faces fierce competition in Asia, not only from Singapore-based Grab but from Ola in India, and Chinese rival Didi Chuxing.
Japanese financial titan Softbank has invested billions of dollars in Uber, Didi, Ola and Grab, and is known for seeking synergies between companies in its portfolio.
Didi - Uber - Battle
Didi and Uber ended a ferocious battle in the...
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