Uber is getting ready to sell its Southeast Asia business to Singapore’s Grab. The selling price, according to two unnamed sources, is Uber acquiring a sizable stake on the rival ride-hailing company.
There hasn’t been any deal reached as of yet, neither is there a timing announced for such deal.
Grab provides private car, motorbike, taxi, and carpooling services in more than 100 cities across Southeast Asia. The company claimed to have 95 percent market share in the taxi ride-hailing business. It announced plans to raise more than $2.5 billion from Softbank and other investors back in 2017.
The move will be same as Uber’s strategy in China. The company sold its ride-hailing operation to Didi for 20 percent ownership. In Russia, Uber merged with Yandex’s ride-hailing business in exchange for a 37 percent stake.
The sources stated that the move aims to help Uber keep its costs lower as it prepares for an IPO sson next year. The two sources asked to not be named due to sensitivity of the information.
Since Uber CEO Dara Khosrowshahi took over for co-founder Travis Kalanick in August, he’s been focusing on cleaning up the battered reputation of the company. He’s also been working on instilling financial discipline to gain bigger profits for the company.
Uber’s loss rose by 61 percent in 2017, reaching $4.5 billion, according to a report released this week. It also showed losses for its fourth quarter were lower compared to the quarter before.
SpaceX Launches First Test Satellites for Global Internet
SpaceX is bound to collide with the world’s biggest telecom and satellite manufacturing companies as it increases pace in the development of its “Starlink” network of satellites.
The company will soon be testing its first satellites, Microsat 2a and 2b. The Federal Communications Commission already filed documents for the launch.
Satellites Microsat 2a and 2b are bound for orbit aboard SpaceX’s Falcon 9 from Vandenberg Air Force Base, California.
SpaceX canceled plans to launch on Sunday and instead reschedules to February 21st. The company stated that the cancellation was for the sake of performing “final checks” before the actual launch.
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