Grab, the southeast Asian ride sharing app, is close to signing a deal with Uber Technologies that would see the two combine forces in the region, with Uber conceding the market in return for a mid-20 per cent share in Grab as consolidation in the sector intensifies, two people familiar with the matter say.
The transaction, which has been in the works for many months, is likely to make Grab the most valuable internet firm in South East Asia with a definitive agreement expected on March 18 or 19.
The transaction is similar to that Uber struck in China in 2016, taking a stake in Didi Chuxing rather than continue to engage in a brutal struggle for market share.
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