Uber has agreed to sell its South East Asian business to regional rival Grab both companies said in a statement on Monday. As part of the deal, Uber will get a 27.5% stake in Singapore-based Grab while Uber CEO Dara Khosrowshahi will join Grab’s board. The deal will see Grab — which is valued at over $6 billion — buy up Uber’s ride-sharing business in eight countries in South East Asia. It will also take over Uber Eats, which is currently present in three, and expand that service across the region during the first half of this year. The deal puts Grab in absolute control of South East Asia’s ride-sharing market, except Indonesia. Grab said that Uber’s ride-sharing app will be available for a further two weeks, while Uber Eats will close down and migrate to GrabFood at the end of May. This is Uber's second high profile exit from an Asian market, in August 2016 the company sold its Chinese operations to local rival Didi Chuxing. As part of the deal, Uber acquired 5.89% of the combined company while Didi obtained a minority equity interest in Uber. Commenting on the Grab-Uber deal a TechCrunch report points out that the "deal starts to make sense when you consider that both companies share common investors — SoftBank and Didi and that waging an expensive subsidies war in what is currently a loss-making hurts both sides." All eyes on India Following its exits from China and South East Asia, all eyes have…
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