Didi will merge with uber china in a $35 Billion deal
The deal between the pair - which have been spending heavily to gain market share and battling fiercely for passengers - is nearly complete and could be announced as early as Monday, said the source, who declined to be identified because the deal is not yet public.
Uber Technologies Inc. will sell its China business to Didi Chuxing, the dominant ride-hailing service in the country, according to people familiar with the matter. The deal ends a costly battle between the two companies, which competed for customers and drivers.
The new entity combines Didi's most recent valuation of $28 billion and Uber China's $7 billion valuation for the $35 billion market capitalization.
The valuation of the combined business will be $35 billion, said the people, who asked not to be named because the details aren’t public. Investors in Uber China, an entity owned by San Francisco-based Uber, Baidu Inc. Uber China investors will have a 20 percent stake in the new company, the source said. Uber declined to comment. In addition, Didi will invest $1 billion in San Francisco-based Uber, which operates globally outside China, the source said. The purchase of Uber’s China business may complicate Didi’s alliance with other ride-hailing startups around the world.
In the past Uber has lost more than $2 billion in the country
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