After Apple investment, Didi Chuxing buys out Uber in China | iLounge News

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After Apple investment, Didi Chuxing buys out Uber in China

After Apple’s $1 billion investment in May, Chinese ride-sharing service Didi Chuxing has announced plans to buy Uber’s operations in China, Bloomberg reports. The deal will see Didi absorb Uber’s brand, business operations and stored data in the country, with Uber receiving a 20-percent stake in the combined company. Didi founder Cheng Wei and Uber CEO Travis Kalanick will also join each other’s boards.

The move ends a costly fight that saw Uber lose more than $2 billion, prodding investors to push for a sale to Didi. The deal is still subject to government approval, but if Didi succeeds in absorbing its largest rival, the company will be China’s undisputed leader in car-hailing services. The company’s partnership with Apple could also give both companies the ability to test cutting-edge technology, with a report last week indicating that Apple has shifted its automotive efforts to emphasize the creation of an autonomous driving system.

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