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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 

Didi Chuxing, the dominant ride-hailing service in China, said it will acquire Uber Technologies' operations in the country, ending a battle that cost the two companies billions as they competed for customers and drivers. Didi will buy Uber's brand, business and data in the country, the Chinese company said in a statement. Uber Technologies and Uber China's other shareholders, including search giant Baidu, will receive a 20 per cent economic stake in the combined company. Didi founder Cheng Wei and Uber Chief Executive Officer Travis Kalanick will join each other's ...

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