BRASILIA: China’s ride-hailing application Didi Chuxing has agreed to acquire control of Brazil’s 99, the companies said in a statement on Wednesday, potentially creating a formidable rival to Uber in Latin America’s largest economy.
The companies did not disclose the stake acquired nor the value, but two people familiar with the deal told Reuters that the transaction would value 99 at over US$1bil and that Didi would hold a ‘significant majority’ of the Brazilian firm.
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