NEW YORK (REUTERS, AFP) - Uber Technologies is preparing to sell its South-east Asia ride-hailing business to Singapore-based Grab in return for a substantial stake in the company, CNBC reported on Saturday (Feb 17), citing two sources familiar with the matter.
No deal has been reached yet and the timing of any deal is uncertain, the report said.
The report added that the move would mimic Uber's strategy in China, where the company sold its operation to Didi for 20 per cent ownership, and in Russia, where the company merged its local business with Yandex's ride-hailing business for a 37 per cent stake.
The objective would be to help Uber reel in its costs as freshly ensconced chief executive Dara Khosrowshahi steers the high-value start-up to a stock market debut next year.
Reuters had reported in November that SoftBank Group's multi-billion dollar investment in Uber had opened up the possibility of combining it with other ride-hailing assets that the Japanese group owns.