The top two ride-hailing companies in China Didi and Uber
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Mon Mar 06, 2017 2:39 am
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The top two ride-hailing companies in China are expected to soon end the costly fight over the largest such market in the world, with Didi Chuxing agreeing to acquire the China business of its rival Uber Technologies Inc.
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Beijing-based Didi, the dominant ride-hailing service provider in China, said in a statement on Monday that it will buy Uber`s China operation. The deal will make the two former competitors a small shareholder of each other`s business. ber will continue to operate independently in China. Uber Technologies and Uber China`s other shareholders will receive a 20 percent economic stake in the combined company as part of the deal Calcium Hydroxide Production Line, according to Didi.
Didi founder Cheng Wei and Uber Chief Executive Officer Travis Kalanick will join each other`s boards. Cheng said: "Didi Chuxing and Uber have learned a great deal from each other over the past two years. The cooperation with Uber will see the entire mobile transportation industry in China enter a new phase of a healthier and more sustainable development." The move came after the central government legalized ride-hailing services, dispelling regulatory uncertainties over the further expansion of Didi and Uber in China. Wang Xiaofeng, an analyst at Forrester Research Inc hospital construction companies, said the main reason behind the merger is to cut costs in the battle between the companies for leadership of China`s fast-growing ride-hailing market.