Business


Michael Short | Bloomberg | Getty Images

Jean Liu, president of Didi Chuxing

Didi Chuxing, the Chinese ride-sharing company, has agreed to acquire full control of 99 — the main rival Brazilian rival to Uber and a company in which Didi already holds a stake — for around $600 million, according to three people with knowledge of the transaction.

The all-cash deal changes the competitive landscape for ride-hailing companies, particularly Uber and Didi, the industry’s two biggest players. The companies have been locked in a struggle to dominate as many markets as possible, with fast-growing regions like South America, and Brazil specifically, seen as huge prizes.



Source link

Products You May Like

Articles You May Like

Russian stocks tumble on Mueller indictments
Coca-Cola earnings Q4 2017 beat expectations
Apple buybacks, dividend increases under repatriation: UBS note
Salesforce shares rise after Jefferies upgrades stock, predicts 20% rally
WisdomTree shares pop on report of JP Morgan interest in buying an ETF firm

Leave a Reply

Your email address will not be published. Required fields are marked *