Last week's big news was that China’s government legalized app-based ridesharing services. This week's even bigger news, first reported by Bloomberg, is that Uber will sell its China business to rival Didi Chuxing, ending its long and expensive battle for market share in the country. Uber and its Chinese investors will get a 20% stake in the combined company, which will be valued at $35 billion.
As part of the deal, Didi will invest $1 billion in Uber at a $68 billion valuation.
We'll continue to cover this story, including looking into how the new deal may affect Didi's partnership with U.S.-based Lyft, India's Ola and Singapore's Grab.