Didi Chuxing confirms it's buying Brazilian ride-hailing startup 99

Uber's rival in China just acquired another competitor

Didi Chuxing, the ride-sharing giant of China and likely the most valuable startup in the world, just bought a controlling stake in 99, a leading ride-sharing app in Brazil. Now, on the heels of getting a massive $4 billion investment of its own, it appears that Didi is looking to double down the Latin American region.

Didi will be acquiring the company for around $600 million.

The companies did not disclose the stake acquired nor the value, but two people familiar with the deal told Reuters that the transaction would value 99 at over $1 billion and that Didi would hold a ´significant majority´ of the Brazilian firm. To date, Didi is a large investor in Southeast Asia's GrabTaxi Holdings Pte. All three companies, including 99, are now backed by SoftBank - and yet in places outside of China, Didi is competing with Uber.

Didi past year became Asia's most valuable start-up company.

Hillary Clinton Blasts Trump's 'Ignorant, Racist Views' About Haiti
Despite Trump's Twitter responses, his "sh*thole" comments continue to spread and draw fury from across the world. Both nations have been praised by the U.S. government as stable democracies in the region.

A Glimpse Into Insider Trading And Ownership At Flotek Industries, Inc. (FTK)
Jefferies maintained Twenty-First Century Fox, Inc. (NYSE:FTK) earned "Perform" rating by Oppenheimer on Wednesday, October 7. That's a potential 2.04 increase relative to where Flotek Industries, Inc. 34 funds opened positions while 56 raised stakes.

Trump to undergo medical examination while critics question fitness for office
The book also raises questions about Trump's mental stability and his capability to hold the office of president. This would seem to contradict her December statements that " Mr.

To date, Didi has made only three acquisitions to grow, all in its home market of China. São Paulo-based 99, which was founded in 2013, has raised around $240 million in funding with notable backers including Qualcomm, SoftBank, and none other than Didi Chuxing itself, which led its $100 million series C round last January. Technology news site The Information had previously reported about talks between the two companies. Similar to Uber, Didi Chuxing offers smartphone-based vehicle services, such as carpooling, taxis, and premium cars with drivers.

The 99 application was launched in 2012 as a taxi application, and at the time was called 99Taxis.

Cheng Wei, founder and chief executive of Didi, said in Wednesday´s statement that "globalization is a top strategic priority for Didi". The company has had such a stronghold in Mexico that few competitors - including 99 - were willing to attempt an expansion into what was the company's third-biggest country market in 2015.

Related:

  • Judge Allows 11-Year-old Girl to Use Medical Marijuana at School

    Judge Allows 11-Year-old Girl to Use Medical Marijuana at School

    The law prohibits smoking the drug in school, but allows patches or tinctures, as long as it's not disruptive to classrooms. Sometimes she uses "cannabis oil drops" on her tongue or wrists. "Her brain used to be in a cloud", Surin tells reporters.
    Everton must join Tottenham in race to sign Championship playmaker

    Everton must join Tottenham in race to sign Championship playmaker

    This output has contributed to three successive defeats and five games without a win in all competitions. Their run of 16 points from the last seven league fixtures is second only to leaders Manchester City.
    Fishermen stuck on ice rescued

    Fishermen stuck on ice rescued

    The helicopter rescued the two and took them to the Custer Airport, where they'll be taken to a nearby hospital for observation. The ice fishermen were near Detroit Beach, fishing from Brest Bay just north of DTE in Monroe when they experienced trouble.
  • Pence to head US delegation for PyeongChang Winter Olympics

    Pence to head US delegation for PyeongChang Winter Olympics

    North Korea has yet to comment on the South's offer, which is in the spirit of the original deal and even goes beyond it. As a result of the talks Tuesday, NKorea will send a delegation to the Olympics being held in Pyeongchang this year.

    Fusion GPS founder testified Trump associate went to Federal Bureau of Investigation over Russian Federation concerns

    A number of Trump's closest aides and associates have been interviewed, including his son-in-law and senior adviser Jared Kushner. That has angered Democrats, who say those probes are distractions from the Russian Federation investigations.
    Silvio backs Deneuve on male courtship

    Silvio backs Deneuve on male courtship

    A group of French feminists later criticized the letter , accusing the signatories of trivializing sexual violence. Berlusconi has long characterized his sex-fueled "bunga bunga" parties as "elegant soirees".
  • Conte: I face uncertain Chelsea future

    Conte: I face uncertain Chelsea future

    The 21-year-old is still young and possesses huge calibre, but it is of paramount importance for him to play regularly. In my opinion, he should have said just one thing. "We must pay great attention.
    Sam's Club Locations in Dover, Salisbury Spared From Mass Closings

    Sam's Club Locations in Dover, Salisbury Spared From Mass Closings

    There are two Sam's Club stores in Montana - one in Billings and the other in Great Falls. Sam's Club says their customers will be refunded their 45 dollar annual membership fee.

    Agios Pharmaceuticals (NASDAQ:AGIO) Earns News Impact Rating of 0.12

    On Wednesday, November 1st, Scott Biller sold 2,146 shares of Agios Pharmaceuticals stock. (NASDAQ:AGIO) for 3,800 shares. Eventide Asset Management Llc sold 86,800 shares as the company's stock declined 9.11% while stock markets rallied.
  • Four judges have shown CJI in poor light: RS Sodhi

    Rahul said the issue was serious and points levelled by the judges were disturbing. We met CJI this morning, with specific request but we could not convince him.

    Pepsico, Inc. (PEP) Sees Significant Increase in Short Interest

    It increased, as 51 investors sold PEP shares while 689 reduced holdings. 128 funds opened positions while 644 raised stakes. After $0.89 actual EPS reported by VeriSign, Inc. for the previous quarter, Wall Street now forecasts 0.00% EPS growth.
    Dark Souls: Remastered Brings Lordran To Current Hardware In May

    Dark Souls: Remastered Brings Lordran To Current Hardware In May

    Dark Souls Remastered was confirmed yesterday to be coming to PC, PlayStation 4 , Xbox One and Nintendo Switch on May 25th. Dark Souls Remastered on the Nintendo Switch , however, will run at 1080p and 30fps (presumably in docked mode).

Comments

Latest news

NASA's Kepler Space Telescope data used to discover Multi-Planet System
Three of the four planets had 100 percent "yes" votes from over 10 people, and the remaining one had 92 percent "yes" votes. Users would look through the data, and indicate for each graph whether they thought the curve looked like a transit or not.

BHP Billiton PLC (BBL) Given Consensus Recommendation of "Hold" by Brokerages
IBC downgraded the stock to "Sector Perform" rating in Friday, January 8 report. (NYSE:HOME) rating on Thursday, March 30. The stock of BHP Billiton Limited (NYSE:BHP) earned "Underperform" rating by Macquarie Research on Tuesday, March 15.

How Do The Margins Look For Patterson-UTI Energy, Inc. (NasdaqGS:PTEN)?
The Michigan-based World Asset Management Inc has invested 0.01% in Patterson-UTI Energy, Inc. (NASDAQ: PTEN ) for 43,248 shares. Its down 0.06, from 0.93 in 2017Q2. 207.11 million shares or 3.18% more from 200.72 million shares in 2017Q2 were reported.

Centurylink Inc (CTL) Sees Large Growth in Short Interest
CTL is now undervalued by -8.82% relative to the average 1-year price target of $19.16 taken from a group of Wall Street Analysts. Logan Capital Mgmt has invested 0.06% in Genpact Limited (NYSE:G). 1,232 are owned by Tower Research Ltd Liability (Trc).

Trump's alleged immigration remarks shock political spectrum
Durbin, the second-ranking Democrat in the Senate, described the president's words as "hateful, vile and racist ". Day during a event in the Roosevelt Room of the White House Jan. 12, 2018 in Washington , D.C.

Dark Souls Remastered Announcement Trailer | Switch, PS4, X1, PC
It's now awaiting a rating from the ESRB, though all previous Souls games have been rated M for Mature for Blood and Violence. After many rumors, we can finally confirm that Dark Souls is being remastered for the Nintendo Switch.

Texas Instruments (TXN) Given Coverage Optimism Score of 0.25
On a one to five ratings scale where 1.0 indicates a Strong Buy, 2.0 indicates a Buy, 3.0 a Hold, 4.0 a Sell and 5.0 a Stong Sell. Triangle Secs Wealth Mngmt holds 0.13% of its portfolio in Texas Instruments Incorporated (NASDAQ:TXN) for 2,446 shares.

House committee gets access to long-sought Trump dossier records
She was only concerned that she hadn't notified Senate Judiciary Committee Chairman Chuck Grassley , R-Iowa, beforehand. Mr Simpson has denied that the dossier prompted the FBI's initial investigations.

Doheny Asset Management CA Increases Stake in New Residential Investment Corp. (NRZ)
Narrowing our focus to the previous 1 month, the shares have been up by 2.99%. 14,587 were accumulated by Wade G W And Inc. New Residential Investment Corp. (NYSE:NRZ) earned "Mkt Outperform" rating by JMP Securities on Wednesday, December 23.

Nexstar Media Group (NASDAQ:NXST) Stock Rating Reaffirmed by Wells Fargo & Co
The firm earned "Buy" rating on Sunday, August 16 by RBC Capital Markets. (NASDAQ:NXST). 167,780 were reported by Nomura Hldg. During the same period in the prior year, the company earned $0.78 earnings per share. 158,365 were reported by Phocas Fin.

Rory McIlroy tells Telegraph of heart irregularity after China virus scare
He didn't sound overly concerned about the condition, describing it as an "irregularity" that he needs to "stay on top of".

Stock Price Performance Check (100.00%) on All American Pet Company Inc (AAPT)
After a recent check, the 50-day Moving Average is 184.80, the 200-day Moving Average is 167.86, and the 7-day is noted at 188.29. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink .

"A heartbreaking moment": A senator describes Trump's full comments in "shithole" meeting
However, Democratic Whip and IL senator, Dick Durbin , was in the room during the meeting and confirmed the report . But Trump's alleged comments this week could extinguish that hope. "Probably should record future meetings".

Trump in 'Excellent Health,' Doctor Says After First Physical
Usually going for a medical check-up isn't a big deal, unless of course you're the President of the United States of America. Two months before the November 2016 election, Trump released a five-paragraph letter from his longtime physician, Dr.

Bank Of New York Mellon (BK) Stock Rating Reaffirmed by Vining Sparks
Walter & Keenan Fincl Consulting Mi Adv holds 3.1% of its portfolio in Microsoft Corporation (NASDAQ:MSFT) for 90,119 shares. Seaward Management Limited Partnership stated it has 0.02% in The Bank of New York Mellon Corporation (NYSE:BK).

Other news