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Uber sells Southeast Asia business to competitor Grab

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Uber Technologies Inc. sold its Southeast Asia business to human cloud and ride-sharing firm Grab.

The Singapore-based firm takes over Uber’s operations and assets — including food delivery service UberEats — in Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. In exchange, Uber will get a 27.5% stake in the combined company and Uber CEO Dara Khosrowshahi will join Grab’s board.

About 500 Uber employees across the region will transition to Grab, and it will move its customers Grab’s apps over the coming weeks.

This deal is the largest ever of its kind in Southeast Asia, according to Grab. Uber’s ridesharing and

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