UBER CEDES CONTROL TO GRAB

Singapore- based ride- hailing firm Grab is acquiring Uber’s operations in South- east Asia, including its ride- sharing and food delivery businesses. Uber’s businesses across eight countries will be merged with Grab’s and it will get a 27.5 per cent stake in the combined entity. Japanese tech conglomerate SoftBank is a key investor in both companies and that might have pushed the consolidation.