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Uber Technologies plans to sell its Southeast Asia ride-hailing business to Singapore-based Grab in return for a substantial stake in the company.
The Reuters revealed the move quoting a CNBC report and two sources familiar with the matter.
The report also said no deal has been reached yet and the timing of any deal is uncertain.
Reuters reported in November that SoftBank Group’s multi-billion dollar investment in Uber had opened up the possibility of combining it with other ride-hailing assets that the Japanese group owns.
Uber declined to comment on the report.