by Alex Hern on (#1P3Y9)
Uber China will merge with local rival to create $35bn ride-sharing giantUber’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. Continue reading...