Uber is reportedly merging with rival Didi Chuxing in China
Aug01
Chinese cab service Didi Chuxing is gearing up to merge with Uber’s operations in the country, reports Bloomberg. The homegrown cab company is investing $1 billion in Uber based on a $68 billion valuation; the combined value of the new entity will be about $35 billion. The report follows a new ruling in China which legalized ride-hailing services in the country at the end of last month. Bloomberg’s sources say that Uber has already wasted $2 billion in attempting to compete with Didi Chuxing, so the move could help the San Francisco-based company cut its losses and continue to make money…
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