Chinese internet groups Alibaba and Tencent have put aside fierce rivalry to merge their popular taxi-hailing applications.
Alibaba-backed Kuaidi Dache and Tencent’s Didi Dache said over the weekend they had completed a ‘strategic merger’ that leaves the two app companies operationally independent and leaves keeps both chief executives in place.
The combined company would be worth about $6bn, local media calculate based on recent fundraisings. Last month, Kuaidi Dache raised $600m from Japanese telecoms group Softbank and existing shareholders while Didi Dache raised $700m in December.
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