Uber has called it quits on another market

Following months of speculation, Uber will be no longer in Southeast Asia.

Uber has sold its ride-hailing and food delivery business in the region to competitor Grab, the two companies confirmed in a statement online on Monday.

While the sale price wasn't revealed, Uber will retain a 27.5 percent stake in Grab and Uber's CEO Dara Khosrowshahi will join Grab's board. 

Grab said the acquisition was the "largest-ever of its kind in Southeast Asia," with the Singaporean-based firm to take over operations in Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Thailand, Vietnam, and of course, Singapore. Read more...