Didi will merge with China in Uber agreement bln dlrs 35,000 – Investing.com Spain

By Heather Somerville

(Reuters) – The ruling Chinese company in the business of private transport Didi ChuXing be merged with the business of Uber in China in a deal 35,000 million, ending the fierce competition between the two companies, according to a source familiar with the operation.

the agreement between the two which have made great expense to gain market share and fought fiercely for get passengers- is almost closed and could be announced as early as Monday, said the source, who asked not to be identified because the deal is not yet public.

the new entity combines the latest valuation of Didi 28,000 million dollars and Uber China 7.000 billion to a market capitalization of 35.000 million.

investors Uber China will have a stake of 20 percent in the new company, the source said.

Uber declined to comment.

Didi will invest 1,000 million in Uber, a company that is headquartered in San Francisco and operates internationally outside China, the source said.

Bloomberg and the Wall Street Journal reported the deal earlier.

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