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Uber Said to Merge China Business With Didi in $35 Billion Deal

Uber Technologies Inc. will merge its China business with Didi Chuxing, the dominant ride-hailing service in the country, according to people familiar with the matter.

The valuation of the combined ride-hailing company is $35 billion, the people said. Investors in Uber China, an entity owned by San Francisco-based Uber, Baidu Inc. and others, will receive a 20 percent stake in the combined company, the people said. Uber will continue to operate its own app in China for now.

Didi is making a $1 billion investment in Uber at a $68 billion valuation, people familiar with the matter said. Uber declined to comment, and Didi didn’t immediately respond to a request for comment.


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