A ComfortDelgro taxi passes Uber and Grab offices in Singapore March 26, 2018. REUTERS/Edgar Su
SINGAPORE/SAN FRANCISCO: Ride-hailing firm Uber Technologies Inc has agreed to sell its South-East Asian business to bigger regional rival Grab, the firms said in a statement on Monday, marking the US company's second retreat from an Asian market.
The deal is the industry's first big consolidation in South-East Asia, home to about 640 million people, and puts pressure on Indonesia's Go-Jek, which is backed by Alphabet Inc's Google and China's Tencent Holdings Ltd.
