Uber has agreed to sell its Chinese operations to rival Didi Chuxing, throwing in the towel on its costly battle for the Chinese ride-hailing market.
Under the terms of the deal, set to be announced in coming days, Didi will acquire all of Uber China’s operations and investors in Uber China will get a 20 per cent stake in Didi, according to two people close to the transaction..
Didi, which is China’s largest ride-hailing company, will also invest $1bn in an equity stake in Uber’s global business, in a deal that brokers a truce between the two of the most fiercely competitive car-hailing companies in the world.
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