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Uber to sell China business to rival Didi after losing billions

Didi Chuxing will buy Uber's brand, business and data in China. The combined entity would be worth $35 bn

Bloomberg 

DidiChuxing,thedominantride-hailingserviceinChina,saiditwillacquireUberTechnologies'operationsinthecountry,endingabattlethatcostthetwocompaniesbillionsastheycompetedforcustomersanddrivers. DidiwillbuyUber'sbrand,businessanddatainthecountry,theChinesecompanysaidinastatement.UberTechnologiesandUberChina'sothershareholders,includingsearchgiantBaidu,willreceivea20percenteconomicstakeinthecombinedcompany.DidifounderChengWeiandUberChiefExecutiveOfficerTravisKalanickwilljoineachother's ...

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First Published: Tue, August 02 2016. 00:10 IST
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