Didi Chuxing, China’s leading ride-hailing service, has completed a merger with Uber China, ending a multibillion-dollar battle for the Chinese market that has caused heavy losses for both companies.
As a result of the merger, Uber China has become a wholly owned subsidiary of Didi Chuxing and investors in Uber China will get a 20% stake in Didi. Uber will receive a 5.89% direct stake in Didi but will have “economic interests” – including a share of future profits – equivalent to 17.7%. Another 2.3% will go to Uber China’s other shareholders, including search giant Baidu.
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