Ride-hailing service Uber Technologies Inc would merge its China business with rival Didi Chuxing, valuing the combined company at $35 billion, Bloomberg reported, citing people familiar with the matter.
Investors in Uber China, which is owned by San Francisco-based Uber, Baidu Inc and others, would receive a 20 per cent stake in the combined company, Bloomberg said, citing sources.
Uber and Didi could not be immediately reached for comment.
[Source NDTV]
