Meituan-Dianping, China's largest provider of on-demand services, has bought bike-sharing company Mobike.

 

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This will expand Meituan's business operations, which include group buying, food delivery and - just recently - ride hailing.

 

Business news website yicai.com reports the acquisition concluded April 3, 2018, with Meituan paying 2.7 billion US dollars.

 

A report by business publication Caixin suggests the deal has been brokered¹ by Pony² Ma, CEO of Tencent, which is a shareholder³ in both Meituan and Mobike.

 

The acquisition comes after e-commerce giant Alibaba took over online food ordering platform Ele.me, Meituan's major competitor, for 9.5 billion US dollars a day earlier.

 

Mobike founder⁴ Hu Weiwei has put a post on social media early Wednesday saying both Mobike and Meituan share the same vision for people to live better, suggesting the deal is a new beginning.

 

In a separate post, Wang Xing, founder and CEO of Meituan, has praised Mobike for its innovation and social value, saying the two companies will create a brighter future together.

 

Meituan entered into a strategic partnership⁵ with Mobike in 2016. Last September, Mobike embedded⁶ its service into the Meituan app so that users can log into the Mobike service through the Meituan app.

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