Global ride-hailing company Uber Technologies has agreed to sell its China business to Didi Chunxing, China’s dominant homegrown player, in a deal that will end the fierce and costly battle between the two companies for market share in China.
China’s largest ride-hailing company will acquire all of Uber China’s operations and run it as an independent entity. In exchange, Uber will receive a 5.89% equity stake in the combined entity, Didi said in a statement on Monday. In addition, investors of Uber China - including domestic search giant Baidu and travel conglomerate HNA - will receive a 2.3% economic interest in the combined group.
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