Didi’s Drive Overseas Moves Forward With Brazilian Acquisition
Didi Chuxing's buyout of Brazilian ride-hailing company 99 is only the latest in a series of Didi overseas acquisitions as the Chinese ride-hailing market becomes increasingly saturated. Photo: Visual China
Chinese ride-hailing kingpin Didi Chuxing has acquired Brazilian peer 99 as Didi continues its overseas push, posing a challenge to U.S.-based Uber.
The terms of the deal have yet made public, but the New York Times, citing anonymous sources, reported that the acquisition was worth $600 million. The Beijing-based Didi had already taken a minority stake in the Brazilian ride-hailing company in early 2017.
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