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.

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 of capital injection into the target company.

The deal sets the stage for an epic battle between Didi and Uber in a market the latter dominates. It also presents Didi with the...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222