Uber selling South East Asia business

Uber is selling its South East Asia ride-share and food delivery businesses to regional rival Grab.

The move marks a further retreat from international operations for Uber, after it sold its China business to local rival Didi Chuxing in 2016, BBC News reports.

Both firms are describing the deal as a win for both their companies and their passengers.

Grab is South East Asia's most popular ride-sharing firm with millions of users across eight countries.

Uber will retain a 27.5% stake in the Singapore-based company. Uber's chief executive will also join Grab's board.

The value of the deal has not been made public.

But it includes the sale of all of Uber's operations in the region, including food delivery service Uber Eats.

Uber's chief executive Dara Khosrowshahi said this was "a testament to Uber's exceptional growth across South East Asia over the last five years".

"It will help us double down on our plans for growth as we invest heavily in our products and technology to create the best customer experience on the planet."

Grab's chief executive Anthony Tan said the acquisition "marks the beginning of a new era".

"The combined business is the leader in platform and cost efficiency in the region. Together with Uber, we are now in an even better position to fulfil our promise to outserve our customers."