Part of Uber's Stake in Grab to Be Acquired by Alibaba

Alibaba (NYSE: BABA) is reportedly poised to make a $3 billion investment in Asian ridesharing company Grab, with a portion of that figure buying part of the stake owned by Uber Technologies (NYSE: UBER). Bloomberg reported early Monday that people familiar with the negotiations say the deal would give the Chinese e-commerce giant access to Grab's millions of customers, delivery fleet, digital wallet, and its financial services business. Grab, based in Singapore, is Southeast Asia's largest provider of ride-hailing services; deliveries of food, grocery, and packages; scooter rentals, and cashless payments.