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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.

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    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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