SINGAPORE/SAN FRANCISCO—Ride-hailing firm Uber has agreed to sell its Southeast Asian business to bigger regional rival Grab, the firms said on Monday, marking the U.S. company’s second retreat from an Asian market.
The industry’s first big consolidation in Southeast Asia, home to about 640 million people, puts pressure on Indonesia’s Go-Jek, which is backed by Alphabet Inc’s Google and China’s Tencent Holdings Ltd.
