Uber’s China unit and its bigger local rival Didi Chuxing have announced that they are ending two years of a costly price war – with the former agreeing to sell itself to the latter.
Under the deal, Didi Chuxing will acquire Uber China’s data, brand and company. In return, Uber Global will receive a 17.7% equity stake in the newly bolstered Didi Chuxing and an investment from its former competitor of $1 billion.
It is estimated this new partnership will command some 90% of the Chinese market for internet-based car-hailing services.
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