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In a move that marks the end of intense rivalry in the ride-hailing market in China, UberTechnologies will merge its Chinese business with Didi Chuxing, news agency Bloombergreported on Monday. Didi is the dominant app-based taxi aggregator in the country.
The valuation of the combined entity is $35 billion, the report added, citing people familiar with the development.
As per the new structure, investors in Uber China — a company owned by Uber and other investors — will have 20% stake in the merged firm.
Meanwhile, Didi will be making an investment of $1 billion in Uber at a valuation of $68 billion.
“As an entrepreneur, I’ve learned that being successful is about listening to your head as well as following your heart,” Travis Kalanick, chief executive officer of Uber, wrote in a blog post
What happens next?
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