Uber sells Southeast Asia business to Grab after costly battle

SINGAPORE/SAN FRANCISCO (Reuters) - Ride-hailing firm Uber Technologies Inc 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. A shake-up in Asia's fiercely competitive ride-hailing industry became likely earlier this year when Japan-based SoftBank Group Corp's Vision Fund made a multi-billion dollar investment in Uber.

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