February 16, 2018 / 6:09 PM / 7 months ago

Uber plans to sell Southeast Asia business to Grab - CNBC

(Reuters) - Uber Technologies [UBER.UL] is preparing to sell its Southeast Asia ride-hailing business to Singapore-based Grab in return for a substantial stake in the company, CNBC reported, citing two sources familiar with the matter.

FILE PHOTO: A man arrives at the Uber offices in Queens, New York, U.S. on February 2, 2017. REUTERS/Brendan McDermid/File Photo

No deal has been reached yet and the timing of any deal is uncertain, the report said. (cnb.cx/2ELxfmZ)

Reuters 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.

Uber declined to comment on the report.

Reporting by Arjun Panchadar in Bengaluru; Editing by Arun Koyyur

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