Didi Chuxing acquired Uber’s China operations in 2016.
The deal was announced on August 1, 2016, after an expensive rivalry between the two companies in China. Uber had entered the Chinese market and spent heavily to compete with Didi, but the battle reportedly cost Uber more than $1 billion annually. Rather than continue competing directly, the companies agreed to combine their positions.
Under the transaction, Didi acquired Uber China in a deal valuing the Chinese business at about $35 billion. Uber received an equity stake in the combined company, while Didi obtained a minority interest in Uber. The arrangement effectively ended Uber’s independent ride-hailing operation in mainland China.
This was not Didi’s creation year: Didi was founded in 2012 and merged with rival Kuaidi Dache in 2015. Nor was the transaction completed in 2017 or 2018; those years relate to later developments in Didi’s international expansion and corporate history.