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Uber, Grab to pull back in Southeast Asia

by VTV411 March 2018 Last updated at 06:00 AM

VTV.vn - Southeast Asia's biggest ride-hailing firm, Grab, is in advanced negotiations to buy parts of Uber Technologies Inc's business in the region.

Under terms of the proposed agreement, Grab would buy out Uber's operations in certain markets in Southeast Asia and Uber will take a 20% stake in Grab.

The move has been under discussion for months and comes just weeks after Japanese technology conglomerate SoftBank, Uber's biggest investor which also holds a 30% stake in Grab, called on the Silicon Valley company to focus on core markets such as Europe and America. The transaction is expected to be finalised later this month.

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