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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-hailingfirmDidiChuxingsaidonMondayitwillbuyUber'sChinaoperations,inadealthatwillgiveUberastakeinthecompanyandendbruisingcompetitionbetweenthetwo. Thedealisvaluedat$35billion,accordingtoasourcefamiliarwiththematterwhodidn'twanttobenamedbeforethedealwasmadepublic,combiningDidi's$28billionworthandUberChina's$7billionvaluation.Didiconfirmedtheagreementonitsofficialmicroblog,butgavenovaluation. SanFrancisco-basedUberTechnologieswillreceivea5.89percentstakeinDidi—but ...

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