Apple-Backed Didi Chuxing to Purchase Uber's Ride-Hailing Operations in China
 

Chinese ride-hailing service Didi Chuxing is set to acquire the Chinese operations of rival Uber in a $35 billion deal, reports Bloomberg and The Wall Street Journal. Apple **tably invested $1 billion in Didi Chuxing back in May, giving Apple access to data and expertise on electric and auto**mous car tech**logy, as well as a foot in the door with the Chinese investment community.

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The valuation of the combined ride-hailing company is $35 billion, the people said. Investors in Uber China, an entity owned by San Francisco-based Uber, Baidu Inc. and others, will receive a 20 percent stake in the combined company, the people said. Uber will continue to operate its own app in China for **w.

Didi is making a $1 billion investment in Uber at a $68 billion valuation, people familiar with the matter said.

As **ted in a forthcoming blog post by Uber CEO Travis Kalanick that was obtained by Bloomberg, neither Uber **r Didi Chuxing has turned a profit in China despite billions of dollars in investment, and combining operations will help smooth the path to profitability and a sustainable business.

Apple is of course widely rumored to be working on its own car-related project dubbed Project Titan, an effort that is an "open secret" in Silicon Valley according to Tesla CEO Elon Musk. The most recent developments with Project Titan include a new chief in veteran Apple executive Bob Mansfield and a new focus on auto**mous driving software that could give Apple flexibility beyond plans to build its own vehicles.

Related Roundup: Apple Car
Tags: Uber, Didi Chuxing

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