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Uber quits countries in Southeast Asia, sells out to competitor Grab

A CNN report stated that Uber is giving up on the fight for ride-hailing customers in 8 countries in Southeast Asia. The US company will be selling its business in the region to their rival Grab.

Uber won’t receieve any cash from the sale but instead will get a 27.5% stake in Singapore-based Grab.

Uber CEO Dara Khosrowshahi said that Uber does not have any plans to quit other major markets anytime soon.

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