Chinese ride-hailing service Didi Chuxing has confirmed its acquisition of Uber's business in China.

 

中国叫车软件滴滴出行已证实，该公司欲收购Uber中国业务部。

 

Didi says Uber will still retain a nearly 6-percent stake in the newly-merged entity¹.

 

Details of the sale have not been laid out, but its being reported the combined operation is going to be worth an estimated 35-billion US dollars.

 

As part of the agreement, Uber will maintain its branding, app and business operations.

 

Uber has been unsuccessfully trying to gain market share in China for the past 2-years, but had been hemoraging around 1-billion dollars a year in its attempt to gain more market access.

 

For more on the new deal, CRI's Fei Fei spoke² earlier with CRI business analyst³ Einar Tangen.

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