Uber will acquire a 27.5% stake in Grab as part of a deal where the latter will get its local operations, as a small number of players tighten control of the sector worldwide.

Singapore-based ride hailing service Grab confirmed today it is acquiring US-based peer Uber’s Southeast Asian business in a deal that will give the latter a 27.5% stake in Grab, giving a clearer picture of the direction the sector is heading. Founded in 2012 as GrabTaxi, Grab operates an on-demand ride platform spanning taxis, motorcycles, private…

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