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