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China:Taxi apps merger confirmed

By  |  February 16, 2015

Rival taxi-hailing software companies backed by Alibaba Group and Tencent plan to merge in a rare deal that brings together the two fiercely competitive Chinese internet giants.

Kuaidi Dache, backed by Alibaba, and Didi Dache, backed by Tencent, plan to merge, the two companies said. Kuaidi spokesman Ye Yun said the merger was conducted via a share swap.

Both companies make mobile apps that allow users to reach out directly to taxi drivers to catch a ride. They also increasingly offer chauffeur and other services.

The Wall Street Journal had earlier reported that the two companies were discussing a merger which was confirmed by a spokesman on Monday.

Further financial terms were not disclosed.

Full Content: The Beijinger

 

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