Uber sells off Chinese Division to focus on other markets
Didi Chuxing, a rival ride-sharing company, has agreed to buy Uber China in a merger deal. The deal gives Didi control over Uber’s brand, business, and data in the country. As part of the agreement, Didi will reportedly invest $1 billion in Uber’s global operations. Meanwhile, Uber Technologies and Uber China’s other stakeholders will receive a 20-percent share of the combined company formed from the merger.