Ride-hailing service Grab is close to finalizing a deal to acquire Uber’s southeast Asia business as early as this week or next, according toBloomberg.
The proposed deal reportedly sees Grab buying Uber’s business in certain markets. In turn, Uber will take as much as a 20 percent stake in Singapore-based Grab, Financial Times’ sources said.
Grab and Uber haven’t finalized the deal, and changes could still be made, the reports said.
Uber could be looking to reduce losses outside US, Europe, Latin America, and Australia. In a January interview with the Financial Times, Rajeev Misra, a board director of SoftBank, said Uber should concentrate on growth in its core markets. SoftBank, Uber’s largest shareholder, also owns a 30 percent stake in Grab.
In 2016, Uber struck a similar deal in China with local competitor Didi Chuxing where it gained a 20 percent stake for selling its business in the country.
Leading ride-hailing in southeast Asia, Grab is currently available in 178 cities in Singapore, Indonesia, the Philippines, Malaysia, Thailand, Vietnam, Myanmar, and Cambodia. Grab is said to be valued at $6 billion.
Grab and Uber declined comment to Bloomberg. We have reached out to them, and will update you if we learn more.