Uber sells South East Asia operations to rival Grab

The deal marks the industry's first big consolidation in Southeast  Asia. According to Grab, it will take over Uber's operations and assets in eight countries in the region, and will expand its food delivery services.

As part of the transaction, Uber will take a 27.5 percent stake in the Southeast Asian company and Uber CEO Dara Khosrowshahi will join Grab's board.