Uber is selling its South East Asia ride-share and food delivery businesses to regional rival Grab.
The move marks a further retreat from international operations for Uber, after it sold its China business to local rival Didi Chuxing.
Both firms describe the deal as a win for their passengers, but analysts warn it could mean higher prices.
Grab is South East Asia's most popular ride-sharing firm with millions of users across eight countries.
Under the terms of the deal, Uber will take a 27.5% stake in Singapore-based Grab. Uber's chief executive, Dara Khosrowshahi, will also join Grab's board.
The value of the deal has not been made public.
Grab's chief executive Anthony Tan said the deal "marks the beginning of a new era" in which the merged business would be better placed to serve customers.
Uber's Mr Khosrowshahi said the deal would "help us double down on our plans for growth as we invest heavily in our products and technology".
The deal marks Uber's third retreat after it withdrew from China in 2016 and sold its Russia business to local firm Yandex last year.
Mr Khosrowshahi has been preparing the firm for an initial public offering in 2019.
Uber invested $700m in its Southeast Asia business and another $2bn in China before it sold its operations there.
In November, Mr Khosrowshahi, said the company's Asian operations were not going to be "profitable any time soon".
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View previous comments…Endy Edeson
@Ola: No, Uber is owned by an American businessman, Travis Cordell Kalanick and the headquarter of the company is in San Fransisco, California
Endy Edeson
You are welcome Ola. Stay locked on Edeson Online News. More news, tutorials, motivation, business tips everyday on this page
Daniel Orji
I like the development, they should come to Nigeria and sell the south west operation to(rival) taxify too, their business is not mutually beneficial...it
Endy Edeson
Orji: can you briefly explain why it favours the riders?