Name: Uber’s China business sale
Uploaded: 2017-10-04T02:49:59.000Z
Duration: 1 min 39 s
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To-infinitive

Future simple

DiDi, the dominant ride-hailing service in China, will acquire rival Uber's operations in that country.

The deal ends a fierce battle between the two companies

in the market that was one of Uber's largest by the total number of rides.

Eunice Yoon reports tonight from Beijing.

DiDi is acquiring all of Uber's assets in China

that includes the operations, the brand as well as the data.

Investors in Uber will get a twenty percent stake in the combined company

which will be valued at 35 billion dollars.

In addition, DiDi will invest 1 billion dollars in Uber.

The deal will finally end a fierce price war between the two companies in China.

Both companies have been spending billions in subsidies to attract drivers and passengers.

Uber has been losing 1 billion dollars a year here.

Uber CEO posted his reason for the decision on Facebook

saying serving China cities is only possible with profitability.

At the same time, it's been fighting an uphill battle.

DiDi raised 7 billion dollars in part from Apple.

It's also backed by China's sovereign wealth fund.

And DiDi said that it now is the only company with investors from China's three major tech titans,

Uber's case is also pointing to wider concern in the tech community

that the business environment for foreign companies is just getting tougher.

For nightly business report, I am Eunice Yoon in Beijing.