China’s DiDi Chuxing, the world’s largest ride-hailing company, has acquired Brazil’s ride-hailing leader 99, the Chinese company announced on Wednesday.
While DiDi did not specify the amount for the transaction, Brazilian media placed the figure at around 300 million U.S. dollars.
The acquisition comes a year after DiDi bought a “strategic” 10-percent stake in 99, which operates in 500 cities throughout Brazil and is considered to be the homegrown rival to Uber, a U.S. company…
DiDi has partnerships with seven “major international players” as part of a global network that serves more than 1,000 cities and reaches over 60 percent of the world population, according to the firm.
“Globalization is a top priority for DiDi,” company founder and CEO Cheng Wei said of the deal.
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