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...
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