Update: Uber has put out a blog post saying that it is merging its Uber China business into Didi Chuxing. Uber does not mention the financial details of the transaction, nor if Uber will remain a standalone app and business or be merged into Didi Chuxing. Earlier today: Uber is looking to merge its China business with Chinese competitor Didi Chuxing (formerly known as Didi Kuaidi), according to a report in Bloomberg, taking the valuation of the combined entity at $35 billion. The report is source based and adds that Uber China investors will hold a 20% stake in the company, and that Uber will continue as an independent app. Didi Chuxing will reportedly invest $1 billion in Uber China, making Uber’s valuation at $68 billion. Recode reports that it has “confirmed the transaction” but does not have any official statements from either Uber or Didi. The Bloomberg report cites a blog post written by Uber CEO Travis Kalanick but the blog is not yet published on Uber’s blogs. In it, Kalanick says that despite investing billions of dollars in China, both Uber and Didi are ‘yet to turn a profit.. which is the only way to build a sustainable business in the long term.’ Uber has apparently lost $2 billion in China, while being profitable in its developed markets. What happens to the global anti-Uber alliance? What's interesting is that Didi Chuxing is an investor in Indian taxi aggregator Ola, which is locked in a fierce and sometimes ugly battle with…
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