Uber sells China unit to local rival Didi Chuxing

Landmark deal will end the fierce and costly battle between the two rival ride-hailing groups for market share in China.

Uber sells China unit to local rival Didi Chuxing

Global ride-hailing company Uber Technologies has agreed to sell its China business to Didi Chunxing, China’s dominant homegrown player, in a deal that will end the fierce and costly battle between the two companies for market share in China.

China’s largest ride-hailing company will acquire all of Uber China’s operations and run it as an independent entity. In exchange, Uber will receive a 5.89% equity stake in the combined entity, Didi said in a...

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