Didi Chuxing, the Chinese ride-sharing group, has agreed to acquire full control of 99 — the main rival Brazilian adversary to Uber and a company in which Didi already holds a stake — for almost $600 million, according to three people with knowledge of the records.
The all-cash deal changes the competitive landscape for ride-hailing companies, unusually Uber and Didi, the industry’s two biggest players. The companies have been latched in a struggle to dominate as many markets as possible, with fast-growing tracts like South America, and Brazil specifically, seen as huge aims.
Uber and Didi have teamed up in some countries, including China, but Didi’s settlement to buy a major Brazilian competitor of Uber puts the companies at loggerheads on a unheard-of continent.
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The deal also end ins Didi’s effort to accelerate its global footprint outside China. In December, the entourage raised $4 billion in financing from investors that registered the Japanese conglomerate SoftBank, partly to fuel that expansion.
Reflect Vinod Sreeharsha and Mike Isaac on Twitter: @VinodSreeharsha and @MikeIsaac
Vinod Sreeharsha discharged from Rio de Janeiro and Mike Isaac from San Francisco.