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Didi President Jean Liu. Photo by Bloomberg.

China’s Didi in Talks to Buy Brazil’s 99, Threatening Uber

By  |  Dec. 21, 2017 5:27 AM PST
Photo: Didi President Jean Liu. Photo by Bloomberg.

Chinese ride-hailing giant Didi Chuxing is in talks to buy a majority stake in Brazilian ride hailing app 99, according to a person familiar with the talks. If the deal is completed, it would threaten Uber, which now dominates the Brazilian market.

It could also accelerate a broader reorganization in the global ride-sharing sector pursued by Didi and SoftBank, the Japanese investment giant which is a major Didi shareholder. SoftBank participated in a new $4 billion fundraising round announced by Didi on Thursday in China, according to a person familiar with the funding. Didi, the world’s second most valuable startup after Uber, was valued at more than $56 billion in the latest round.

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