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Didi to buy Uber's China business in $35 billion deal

Uber CEO Travis Kalanick will join Didi's board, while Didi Chuxing chief Cheng Wei joining the Uber board

Reuters 

Ride-hailing firm Didi Chuxing said on Monday it will buy Uber's China operations, in a deal that will give Uber a stake in the company and end bruising competition between the two. The deal is valued at $35 billion, according to a source familiar with the matter who didn't want to be named before the deal was made public, combining Didi's $28 billion worth and Uber China's $7 billion valuation. Didi confirmed the agreement on its official microblog, but gave no valuation. San Francisco-based Uber Technologies will receive a 5.89 per cent stake in Didi — but ...

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First Published: Mon, August 01 2016. 15:40 IST
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