Uber and Didi Call a Truce In China With a $35 Billion Deal (recode.net)

Kara Swisher, reporting for Recode: Uber, which has been spending hugely in China over the last two years, has folded, striking a deal in which it will merge its Chinese operations with its main rival there, Didi Chuxing. Under terms of the deal, Uber China, the ride-hailing company's Chinese subsidiary, will be part of a larger Didi company valued at $35 billion. Uber gets a 20 percent stake in that -- Didi's previous valuation was $28 billion. That's a $7 billion value for upward of $2 billion that Uber has frittered away, um, spent there. In turn, Didi will invest in Uber at a valuation of almost $70 billion. That was about the value of Uber's last round. Now, everyone owns everyone everywhere.

Comments

Re:Uber not so great as a whole

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You are kidding right? What "regulations" and "background checks" are there in traditional taxis? None. Pure lip service. Anyone who has ridden in a taxi knows you don't get "uniform service". Many of the drivers are just plain nutcases.