Didi Chuxing Expected To Acquire Uber's Chinese Operations

Didi Chuxing Technology is expected to announce plans to buy rival Uber's local China operations as early as today, The Wall Street Journal reports, citing people familiar with the situation.

As part of the share-swap deal, Uber will become Didi Chuxing's largest shareholder after combining its UberChina unit with the Chinese ride-hailing company, one of the people says, with another person adding that Didi will also invest $1B in Uber at a $68B valuation. Uber's local operations will operate as a separate brand under the Didi umbrella, the second person says. UberChina is backed by Baidu (BIDU), while Didi's current backers are Alibaba (BABA) and Tencent (TCEHY).