Didi Chuxing to buy control of 99 for a reported price of US$1 bln

Transport network companies Didi Chuxing of China and 99 of Brazil have announced that Didi Chuxing has agreed to buy control of 99, Reuters reports.

A written statement jointly issued by the companies fails to give the price Didi Chuxing will pay.

However, Reuters quotes Brazilian news media as saying the price is about US$1 billion.

Last year Didi Chuxing bought 10 percent of 99 for US$100 million.

Xinhua quotes Didi Chuxing as saying in the statement: “The investment builds upon the deep existing partnership between Didi and 99 to further accelerate market growth in Latin America and bring more transportation choices to the region’s citizens.”

The 99 network covers over 550 cities in Brazil.