Uber reverses out of China with $7bn sale to Didi Chuxing

Uber China will merge with local rival to create $35bn ride-sharing giant

Uber's seemingly unceasing expansion across the world has finally had the brakes applied as the ride-sharing company plans a deal to sell its Chinese operation to local rival Didi Chuxing, according to Bloomberg News.

The new company will valued at around $35bn (19bn) - given Didi's previous $28bn valuation, that values Uber China at $7bn - and puts an end to a year-long standoff that has led to both Uber China and Didi losing money in an effort to secure a lasting victory. Uber alone has lost more than $2bn in the fight.