Office workers walk past Grab and Uber offices during their lunch hour Monday, March 26, 2018, in Singapore. Grab, a fast growing Southeast Asian ridesharing, food delivery and financial services business, said Monday that Uber will take a 27.5 percent stake in it and a seat on its board as part of the deal. (AP Photo/Wong Maye-E)
The Associated Press
BANGKOK (AP) - Ride-hailing giant Uber is selling its business in Southeast Asia to regional rival Grab while gaining a robust stake in the fast-growing ridesharing, food delivery and financial services business.
Grab said Monday that Uber will take a 27.5 percent stake and a seat on its board as part of the deal. Financial details were not disclosed.
Since becoming Uber's CEO in September, Dara Khosrowshahi has been maneuvering to make the company profitable before a planned initial public offering expected next year.
The company's full-year net loss widened to $4.5 billion in 2017 as it endured multiple scandals and the replacement of its CEO.
Grab provides services in Singapore, Indonesia, the Philippines, Malaysia, Thailand, Vietnam, Myanmar and Cambodia. It says it handles over a billion transactions a year.
Passengers wait for Grab car outside a shopping man in Kuala Lumpur, Malaysia, Monday, March 26, 2018. Ride-hailing giant Uber is selling its business in Southeast Asia to regional rival Grab in its latest withdrawal from a daunting overseas market. Grab, a fast growing Southeast Asian ridesharing, food delivery and financial services business, said Monday that Uber will take a 27.5 percent stake in it and Uber's CEO will have a seat on its board. (AP Photo/Vincent Thian)
The Associated Press
An Uber rider talks with Grab rider in Jakarta, Indonesia, Monday, March 26, 2018. Ride-hailing giant Uber is selling its business in Southeast Asia to regional rival Grab in its latest withdrawal from a daunting overseas market. Grab, a fast growing Southeast Asian ridesharing, food delivery and financial services business, said Monday that Uber will take a 27.5 percent stake in it and a seat on its board as part of the deal. (AP Photo/Achmad Ibrahim)
The Associated Press
An Uber rider checks used helmets at a store in Jakarta, Indonesia, Monday, March 26, 2018. Ride-hailing giant Uber is selling its business in Southeast Asia to regional rival Grab in its latest withdrawal from a daunting overseas market. Grab, a fast growing Southeast Asian ridesharing, food delivery and financial services business, said Monday that Uber will take a 27.5 percent stake in it and a seat on its board as part of the deal. (AP Photo/Achmad Ibrahim)
The Associated Press
A man wearing a t-shirt with the Grab branding on it talks on his cellphone between Grab and Uber offices during lunch hour Monday, March 26, 2018, in Singapore. Grab, a fast growing Southeast Asian ridesharing, food delivery and financial services business, said Monday that Uber will take a 27.5 percent stake in it and a seat on its board as part of the deal. (AP Photo/Wong Maye-E)
The Associated Press
Passengers waiting for Grab car outside a shopping man in Kuala Lumpur, Malaysia, Monday, March 26, 2018. Grab, a fast growing Southeast Asian ridesharing, food delivery and financial services business, said Monday that Uber will take a 27.5 percent stake in it and a seat on its board as part of the deal. (AP Photo/Vincent Thian)
The Associated Press