Uber has agreed to sell its Southeast Asia business to rival Grab

After weeks of speculation, Uber has concluded a deal that will see it sell its business in Southeast Asia to local rival Grab. The company plans to announce the agreement this coming week and potentially as soon as Monday, two sources have confirmed to TechCrunch.

Full details of the arrangement aren’t fully clear at this point, but TechCrunch understands that Singapore-based Grab  will take over Uber’s ride-sharing in the eight markets in Southeast Asia where it is operational. It will also take ownership of Uber  Eats, which is available in Thailand, Malaysia and Singapore. Bloomberg reportedtoday that Uber will take 25-30 percent equity in Grab in exchange.

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