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Report: Uber nears Southeast Asia exit with sale to rival Grab

Uber Technologies Inc. could exit the Southeast Asian market in the week of March 26 with the sale of its local operations to regional rival GrabTaxi Holdings Pte. Ltd., Bloomberg News reported.

The agreement, which could be formalized as early as March 26, would mark the ride-sharing service's exit about two years after leaving China under similar circumstances.

The deal, initially reported by Bloomberg on March 8, would see Grab purchasing all of Uber's operations in Southeast Asia, with Uber taking on a 25% to 30% stake in the rival.