Ride-hailing app Didi Chuxing to acquire Uber China
Didi Chuxing, the leading ride-hailing app operator in China, has announced that it will acquire Uber's local operation, ending a costly battle between the two unprofitable businesses. Both companies have received substantial private equity and strategic backing.
The transaction is said to value the combined company at $35 billion. Didi said in a statement that it will take ownership of all Uber China's assets, including its brand, operations and database. However,...
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