The US ride-sharing company Uber has officially pulling out from the Southeast Asia market by selling its ride-hailing service to one of its regional rivals Grab. With this agreement, Grab will acquire all of Uber’s activities in a region of 620 million people, including food delivery service UberEats. In return, Uber will take a 27.5% stake in the Singapore-based company and it’s chief executive Dara Khosrowshahi will also join Grab’s board of director.

This is not the first time Uber has a major retreat in the global market. The company has withdrawn from China in 2016. In the next year, they also sold its business to Yandex, Russian’s biggest technology company. For the last nail in the coffin, Uber has lost more than $1 billion per quarter in 2017. With this decision, it is expected that the agreement—quoting a statement by Khosrowshahi—will help Uber double down on its plans for growth. Tell us what you think about the acquisition on the comment section below.

Uber has Been Acquired by Grab and Officially Pulling Out from Southeast Asia Market
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