SINGAPORE -- In the past few years, Uber Technologies was a destructive rival for Singapore-based ride-hailing app Grab. Now, the U.S. company has become a strategic partner to Grab as the latter expands further in Southeast Asia.
On Monday, the two companies announced that Uber will sell its Southeast Asian business to Grab in exchange for a 27.5% stake in the company. As a part of the deal, Uber Chief Executive Dara Khosrowshahi will join the Grab board, they said.
