Uber put up a good fight in China, but it wasn’t quite enough.
The ride-hailing company’s Chinese unit is merging with local rival—and market leader—Didi Chuxing in a $35 billion deal, according to a report from Bloomberg, citing a leaked blog post draft and anonymous sources. As part of the deal, investors in Uber China, which is a separate business unit owned by Uber, will get a 20% stake in the combined company, and Didi will make a $1 billion investment in Uber’s main business at a $68 billion valuation.
