Late last year Uber sold off its business in China to a competitor, and now it looks like the Southeast Asia region could follow a similar path. CNBCreports that it’s preparing to make a deal with Grab, a company that claimed to have 95 percent of ride-hailing business in the region last year.

Grab was in the middle of raising a $2.5 billion round of investments from sources including (recent Uber investor) Softbank when it made that claim, and the rumored deal would give Uber a “sizable” stake in its competitor. If this happens, it could, like the company’s settlement with Waymo over trade secrets, help Uber pave the way for an IPO soon.

Source: CNBC
Coverage: TechCrunch