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BUSINESS & TECH

Meituan Acquires Mobike in $2.7 Billion Deal

Three-year-old Mobike is one of the largest players in China’s white-hot bike-sharing market. Photo: VCG
Three-year-old Mobike is one of the largest players in China’s white-hot bike-sharing market. Photo: VCG

China’s largest online booking platform Meituan-Dianping is riding into the white-hot bike-sharing market by acquiring one of the dominant players, Mobike.

Meituan signed an agreement to take over the three-year old Mobike, Meituan’s CEO Wang Xing said in an internal letter on Wednesday.

The deal, which includes a mix of cash and equity, valued Mobike at $2.7 billion, a person close to the matter said.

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