SoftBank Group Corp’s emergence as Uber’s largest shareholder in January through a multi-billion dollar funding with a group of investors had increased the possibility of a consolidation with Grab, industry sources had previously said.
Southeast Asia’s biggest ride-hailing firm, Grab, is in advanced negotiations to buy parts of Uber Technologies Inc’s business in the region and offer a stake in itself, said a source with knowledge of the talks, in a move that would mark Uber’s pullback from its global expansion.
SoftBank Group Corp’s emergence as Uber’s largest shareholder in January through a multi-billion dollar funding with a group of investors had increased the possibility of a consolidation with Grab, industry sources had previously said.
Grab declined to comment while Uber did not immediately respond to Reuters’ queries.
During a visit to India last month, Uber’s CEO pledged to continue investing aggressively in Southeast Asia.
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