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There won’t be a truce—Uber lost the war in China and agreed to sell its business in the country to its Chinese ride-share rival, Didi Chuxing.
The merged business will be worth some $35B and investors in Uber China will receive a 20% stake in Didi as part of the sale, Bloomberg reports. Didi will also make a $1B investment in Uber as part of the deal’s terms—not a bad way for Uber to cut its losses after losing more than $2B in China.
“As an entrepreneur, I’ve learned that being successful is about listening to your head as well as following your heart,” writes Uber CEO Travis Kalanick in a blog post Bloomberg obtained before publication. “I have no doubt that Uber China and Didi Chuxing will be stronger together.” [Bloomberg]
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