SINGAPORE (Mar 13): The battle between ride-hailing giants Grab and Uber Technologies for market share in Southeast Asia could draw to a close.

According to sources of the Wall Street Journal (WSJ), Uber has agreed, in principle, to sell most of its Southeast Asia operations to Grab in exchange for a 30% stake in the firm or less.

The two companies are said to be still hashing out the final terms of the pact.

WSJ also reported its sources’ claims of Uber spending some US$200 million ($263 million) annually to take on rivals Grab and PT Go-Jek Indonesia for market share in the region.

See: Google, Temasek coming in as new investors in Indonesia's Go-Jek

Bloomberg last week reported that Grab was said to be finalising a deal to acquire Uber’s business in the region, adding that the structure of the acquisition would be similar to the deal Uber struck with China’s Didi Chuxing in 2016.

See: Grab is said close to deal for Uber Southeast Asia business

Sources of Bloomberg previously estimated Uber’s stake in Grab to result in the high-teens or 20%.

Based on Data from CB Insights, Grab was most recently valued at US$6 billion.