US ride-hailing firm will take 27.5% stake in Asia-based Grab and its CEO will join Grab’s board

Ride-hailing firm Uber has agreed to sell its south-east Asian business to bigger regional rival Grab, marking the US company’s second retreat from an Asian market.

The deal is the industry’s first big consolidation in south-east Asia, home to about 640 million people, and puts pressure on Indonesia’s Go-Jek, which is backed by Alphabet’s Google and China’s Tencent.

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