Ride-share battle ends with Didi buying Uber China operations

epa05450692 (FILE) A file picture dated 18 August 2015 shows the entrance sign of car-hailing app service Uber's office in Cheung Sha Wan, Kowloon, Hong Kong, China. According to media reports on 01 August 2016, quoting unnamed sources acquainted with the deal, Didi Chuxing is planning to buy its local rival Uber China. The merger deal, which will end bruising competition between the two transportation network businesses, is reported to be valued at 35 billion US dollar in the combined company. Didi Chuxing is said it will invest 1 billion US dollar in Uber Global and Uber China investors will receive 20 percent stake in the merged company, media added. EPA/ALEX HOFFORD

BEIJING: Chinese ride-sharing giant Didi Chuxing will take over the China operations of its US rival Uber, it said Aug 1, ending a ferocious battle for market share that cost both firms billions. 

In exchange for the Uber China assets, Uber and its Chinese partners will receive shares equivalent to 20% of Didi Chuxing, a statement said.