Uber’s web of partners gets more complex with Didi investment
Uber’s network has become so much bigger — and more complex — than the cars it navigates around the world.
The San Francisco-based company has connected itself to Didi Chuxing, the most popular ride-hailing service in China and its former rival. Uber will sell its operation in China to Didi, Bloomberg first reported, and the business will transform into a new entity valued at $ 35 billion.
It’s not just Uber buying into Didi. Uber will take a 20 percent stake in the combined company, while Didi will invest $ 1 billion into Uber.
The ridehailing industry had already been a tangled web of interests thanks to a variety of investments from some of the biggest and most influential tech companies in the world, not to mention a few car companies and banks. Read more…