After losing its Chinese business back in 2016, Uber has lost more Asian territory.

The ride-hailing giant has agreed to sell its businesses in Southeast Asia to Grab, its rival in the region, it was announced Monday morning.

Grab will take over all of Uber's businesses, including its ride-sharing, food delivery and payments and financial services in Cambodia, Indonesia, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam, the press release read.

As part of the acquisition, Uber will take a 27.5 percent stake in Grab, with CEO Dara Khosrowshahi joining Grab's board.

It's not Uber's first retreat from Asia.

The ride-hailing company sold its operations in China to Didi Chuxing, the country's biggest ride-sharing provider, in July 2016.

The text above is a summary, you can read full article here.