Chinese ride-hailing service Didi Chuxing is taking over Uber's local business in a deal valuing the combined company at $35 billion, Bloomberg reports. Didi is also said to be investing $1 billion in Uber based on a $68 billion overall valuation. Specific terms of the deal aren't yet clear, though Didi Chuxing was recently valued at $25 billion.
"As an entrepreneur, I've learned that being successful is about listening to your head as well as following your heart," Uber CEO Travis Kalanick was reported as saying in a yet-to-be-published blog post obtained by Bloomberg. "Uber and Didi Chuxing are investing billions of dollars in China and both companies have yet to turn a profit there. Getting to profitability is the only way to build a...
