China’s ride-hailing application Didi Chuxing has agreed to acquire a majority stake in Brazilian app 99, main international competitor of Uber, newspaper Valor Economico said on Wednesday, citing sources familiar with the talks.
In fact, all users and app drivers know that application 99 was of Chinese origin and that some app drivers using the Uber application also work with the 99 flag.
According to the newspaper, 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 newspaper said a $100 million investment announced by Didi in 99 a year ago gave the Chinese company a minority stake in the app.
The company has made no secret of its desire to expand beyond China, particularly in light of the growing number of Chinese customers who travel overseas. In April, Didi raised $5.5 billion from investors, in part to fund global expansion.