Uber Technologies is preparing to sell its Southeast Asia ride-hailing business to Grab in return for a substantial stake in the company, CNBC reported, citing two sources familiar with the matter.
No deal has been reached yet and the timing of any deal is uncertain, the report said.
Reuters reported in November that SoftBank Group’s multi-billion dollar investment in Uber had opened up the possibility of combining it with other ride-hailing assets that the Japanese group owns.
Uber declined to comment on the report.
The report added that the move would mimic Uber’s strategy in China where it sold its ride-hailing business to Didi for 20% ownership and in Russia, where it merged its local business with Yandex’s ride-hailing business for a 37% stake.