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DiDi Chuxing Agrees to Acquire Uber’s China Unit
DiDi Chuxing, China’s largest ride-share and taxi-hailing service, has reached a deal to buy the Chinese assets of Uber Technologies Inc.’s ride-hailing service.
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DiDi Chuxing, China’s largest ride-share and taxi-hailing service, has reached a deal to buy the Chinese assets of Uber Technologies Inc.’s ride-hailing service.
Uber will receive 5.9% of the combined company, and DiDi will gain an undisclosed minority equity interest in Uber. Cheng Wei, the Chinese company’s founder and CEO, will join Uber’s board. Uber founder Travis Kalanick will join DiDi's board.
The deal includes Uber’s brand, business operations and database throughout China. Uber will continue to be marketed as a brand in the country, according to DiDi. But it says it intends to integrate the business and technological know-how of both companies.
DiDi current serves some 300 million customers in more than 400 Chinese cities. The company claims a 99% share of the taxi hailing service market in the country.
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