Didi Chuxing, China’s Ride-Hailing Giant, Agrees to Buy Uber Rival in Brazil<br />RIO DE JANEIRO — Didi Chuxing, the Chinese ride-sharing company, agreed to acquire full control of 99 — the main Brazilian rival to Uber<br />and a company in which Didi already holds a stake — for around $600 million, according to three people with knowledge of the transaction.<br />The new deal calls for Didi to pay roughly $600 million for the shares of 99<br />that it does not already own, giving it complete control of the Brazilian company, the people said.<br />The acquisition will help 99’s previous investors — a group<br />that includes SoftBank, Riverwood Capital, Qualcomm Ventures and Monashees — cash out, representing a rare successful exit for investors in Brazilian internet start-ups.<br />Uber and Didi have teamed up in some countries, including China,<br />but Didi’s decision to buy a major Uber competitor in Brazil puts the companies at loggerheads in Latin America.<br />Members of Didi’s technology and engineering team have been in Brazil working with<br />employees at 99, which is based in São Paulo, for about a year, these people said.
