Following months of speculation that Uber Technologies Inc. is weighing a retreat from the Southeast Asian ride-sharing market, the company may finally push through with the move.

A Bloomberg report published today cited multiple sources as saying that Uber is “close” to selling parts of its operations in the region to local rival Grab Taxi Pte Ltd. According to the insiders, the companies could sign a deal as soon as this week or next.

They didn’t specify exactly what markets Uber will cede to its Singapore-based competitor as part of the transaction. However, the available details suggest that the ride-hailing giant is likely to exit a sizable portion if not most of the Southeast Asian countries where it currently maintains a presence.

The first clue is the size of the deal. According to one of the sources who spoke with Bloomberg, Uber is set to receive a substantial equity stake in Grab “in the high teens or 20 percent” through the sale. Grab reportedly received a $6 billion valuation after its most recent funding round last July.

To put that in perspective, the entire Southeast Asia ride-hailing industry generated revenues of $5.1 billion in 2016, according to a recent report by Google LLC and a Singaporean investment firm. Uber has a relatively limited presence in the region compared with the U.S., while Grab claims to control the vast majority of the market. As a result, getting a stake as high as 20 percent in the latter company would likely require Uber to sell a substantial portion of its Southeast Asia business.

There are other factors worth taking into account as well. Late last year, Uber Chief Executive Officer Dara Khosrowshahi said his company doesn’t expect to achieve profitability in Southeast Asia “anytime soon.” Plus, both Uber and Grab received funding from SoftBank Corp., which insiders have speculated may push for a sale to reduce the competition between the two.

Uber has already exited one major market before under similar circumstances. In 2016, the company sold its Chinese division to local ride-hailing provider Didi Chuxing Technology Co. Ltd. for a 17.7 percent equity stake.

Image: Uber