Taxi service Uber is selling its entire business in Southeast Asia to Singapore-based company Grab, according to a statement from Uber.
As part of the agreement, Uber will receive a 27.5 percent stake in Grab.
Rumors of a major deal in the Asian taxi services market have abounded since the Japanese telecom and IT company Softbank made a major investment in Uber.
Uber CEO Dara Khosrowshahi will sit on Grab's board as a result of the deal.
Source: TT
