Uber, a car-sharing company, handed Southeast Asia operations to Grab, one of the largest competitors in the region, addressing a population of 640 million. This news, based on sources yesterday, was confirmed by the official announcement today.

Uber, the world's largest vehicle-sharing company, realized the second largest takeover transaction in Asia. In 2016, the company also sold its operation in China to Chinese company Didi Chuxing.

Uber will get a 27.5 percent stake in Grab after it sells South East Asia operations to Grab, a Singapore-based car-sharing company that owns that territory.

Grab's value is estimated to be around $ 6 billion.

Uber CEO Dara Khosrowshahi said in a statement on sales that "Sales will help us in our growth plans in this period when we invest heavily in our products and technology." said.

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