Beijing, Aug 1 (IANS) San Francisco-based ride-hailing giant Uber Technologies Inc. on Monday merged its operations with Chinese rival Didi Chuxing Technology Co.
Didi bought Uber China in a deal valuing at $35 billion. In the deal Uber will hold a 20 per cent stake, Xinhua news agency reported.
Didi, marking an end of the fierce business war in the country’s fast-growing ride-hailing market, will make a $1 billion investment in Uber Global, it said.
Both companies have spent tens of millions of dollars in China to attract users in the past year.
The merger came after China granted legal status to ride-hailing services last week, when the State Council released a document featuring guidelines on the registration and operation of on-demand mobility services, allowing qualified private cars and drivers to join the party.
Uber will continue to operate under its own application in China.