Didi Chuxing buys control of Brazil’s 99 app

Source:Reuters Published: 2018/1/3 22:08:39

China's ride-hailing application Didi Chuxing has agreed to acquire a majority stake in Brazilian app 99, newspaper Valor Economico said on Wednesday, citing sources familiar with the talks, according to Reuters.

According to the paper, Didi valued 99 at $1 billion, and acquired stakes owned by current shareholders Riverwood Capital, Monashees Inc, Qualcomm Ventures, Tiger Global Management LLC and Softbank Group Corp.

The paper said a $100 million investment announced by Didi in 99 a year ago gave the Chinese company a minority stake in the app.

Posted in: COMPANIES

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