Report: Uber said to merge with China's Didi for $35 billion company

Car service app Uber is preparing to sell its China business to domestic car-hailing app Didi Chuxing, with the combined business valued at 35 billion dollars, a news report said Monday. 

Investors in Uber China, owned by the San Francisco-based company, will receive a 20 per cent stake in Didi Chuxing, Bloomberg News cited people familiar with the matter as saying. 

After launching in the country in 2014, Uber's market share in China has been dwarfed by Didi Chuxing. 

Uber CEO Travis Kalanick said in February this year that Uber is losing more than 1 billion dollars a year in China where it faces a "fierce competitor". 

An unpublished blog post believed to be written by Kalanick that Bloomberg obtained said: "As an entrepreneur, I've learned that being successful is about listening to your head as well as following your heart ... I have no doubt that Uber China and Didi Chuxing will be stronger together." 

The two companies have not responded to dpa's requests for comment. 

Last update: Mon, 01/08/2016 - 09:38
Author: 

More from Business

Frankfurt airport test-runs new automatic immigration system

Frankfurt airport was testing out a new automatic immigration system on Thursday, the first time such a system has...

ECB meets overshadowed by threat of crisis in Italy

The European Central Bank met on Thursday to consider launching another round of monetary stimulus but the meeting...

Vipnet taking over Metronet

Vipnet, a mobile network operator company, has acquired a controlling share in the company "Metronet...

UniCredit sells stake in Polish bank Pekao to strengthen capital

Italy's biggest bank by assets, UniCredit, said Thursday it was going to sell a 32.8-per-cent stake in Polish...

BAT factory in Kanfanar exports to 19 markets

British American Tobacco (BAT) is satisfied with the results achieved in its first year of doing business in Croatia...