This morning, a blog post suspected of Uber CEO Travis Kalanick was circulating on the Internet. The article stated that UberChina will merge with Didi. Kalanike pointed out that Uber China and Didi have invested billions of dollars in the Chinese market, but they have not achieved profitability. The merger will help the two sides achieve profitability, and thus better serve the Chinese passengers, drivers and cities in the long term.
According to an exclusive news from Tencent Technology, Kara Swisher, co-founder of US technology blog Re/code and an influential science and technology reporter from Silicon Valley Technology Circle, confirmed that Tencent Technology has indeed issued the blog content by Uber CEO. Confirmed that Didi and Uber China will soon merge.
Uber China has not yet responded to this, and Tao Ran, senior vice president of Didi Travel, said that we have previously clarified the market rumors about Didi and Uber. We are still in this attitude. For the so-called tk blog that circulates on the Internet today, we, like everyone else, don't know exactly what happened.
Through investigations, a number of media did not find the source of this "Travis Kallank" blog post. And foreign media did not report on this matter.
Subsequently, foreign newspapers such as The Wall Street Journal and Reuters released reports that Didi and Uber China have reached a merger. The combined valuation is as high as 35 billion U.S. dollars, of which Uber China is worth nearly 7 billion U.S. dollars. Travel is 28 billion U.S. dollars. As part of this share exchange, Uber will become the largest shareholder of DDT when UDT China merges with DDT. Baidu and Uber China’s investors will hold 20% of the combined company, and Didi will invest US$1 billion in Uber.
From July, Uber China’s rumors continued. On July 5th, news about Uber's desire to withdraw from China was circulating on an industry exchange platform.
On July 21, news of the merger of Didi and Uber began to be exposed on major media. Bloomberg's report quoted informed sources as saying that several institutional investors are urging Uber to enter into a cooperation agreement with Didi to suspend Uber’s multi-billion-dollar spending on the Chinese market.
Lei Feng network (search "Lei Feng network" public concern) also got information from the relevant investment institutions. Sources said that Uber is currently consuming in China, the capital side wants to recover this as soon as possible, so do not want Uber China to continue playing in this capital game. Uber shareholders passed on information to management, saying it was time to end the war on burning money with China. Uber Investors tried to sign a cooperation agreement with Didi, and the shareholders of both parties began to negotiate transactions. One Uber investor said that he had at least 10 meetings with the shareholders of Didi and telephone communication.
When the news came along, Liu Bao, head of Uber’s strategy in China, said in a circle of friends: “Just arrived in Kunming, our new city, took a deep breath — it was purely a rumor, it grew rapidly, and we were busy. No reply."
At the same time Uber China’s official statement stated that it has always declined to comment on rumors and speculation. Tao Ran, senior vice president of Didi Chuxing, then said that the rumor that the merger between Uber China and Didi Chuxing was false and rumors ended.
On July 28, the Ministry of Transport of the Ministry of Transport announced the legalization of the internet tour. Two days later, on July 30th, there was another news that "Drip and Uber have already reached a merger and both parties will jointly announce this news in the near future." Zhu Xiaohu, a venture capital partner of Disha Investment Partners Jinshajiang Venture Capital, said that the other party claimed that the matter was a rumor and stated that the rumors had been repeatedly reported since last year. The outside world should not take it seriously.
In this afternoon, DDT officially announced its announcement and announced the acquisition of Uber China. The announcement stated that:
After the two parties reached a strategic agreement, Didi Travel and Uber Global will hold each other’s shares and become minority shareholders of the other party. Uber Global will hold a 5.89% stake in Didi, which is equivalent to 17.7% of economic interest. Uber China's remaining Chinese shareholders will receive a total of 2.3% of economic equity. Didi therefore became the only company that has invested in Tencent, Alibaba, and Baidu. At the same time, Cheng Wei, founder and chairman of DDT, will join Uber's global board of directors. Uber founder Travis Kalanick will also join the Dripping Trip Board.
The announcement of an official announcement means that a two-and-a-half-year capital game officially ends. It is difficult to imagine that capital will simultaneously be highly optimistic about two non-zero-sum games in the same field and continue to consume each other.
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