Singapore-based ride-hailing firm Grab announced Monday it has bought US rival Uber's business in Southeast Asia, ending a fierce battle for market share in the region.

Grab said in a statement it is buying Uber's ride-sharing and food delivery operations in the region.

In exchange, Uber will receive a 27.5 percent stake in Grab.

The statement did not disclose the value of the deal.

"Today's acquisition marks the beginning of a new era," said Grab chief executive Anthony Tan. "The combined business is the leader in platform and cost efficiency in the region."