Uber, Grab to pull back in Southeast Asia

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.