Didi hits the road with $900m deal for Brazil's 99

China’s ride-hailing giant heads into a new battle with US rival Uber by acquiring Brazilian peer 99. It paid $600m for the stake and pumped $300m into the company, source says.

Didi hits the road with $900m deal for Brazil's 99

China’s homegrown ride-hailing app Didi Chuxing is taking its battle against Uber to the international stage after it agreed to acquire its Brazilian counterpart 99 on Thursday, marking the company’s first foray outside the domestic market it dominates.

Privately held Didi Chuxing did not disclose financial details of the transaction. According to a source familiar with the situation, Didi has paid $600 million for the stake it does not already own, plus another $300 million...

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