--- description: Uber will merge its China operation with its mainland ride-hailing rival Didi Chuxing in a $35 billion deal. title: Uber Just Sold its China Business in a Massive $35 Billion Deal image: https://static.time.com/v3/assets/bltea6093859af6183b/bltc44daa792ffa7bf0/6988a08cfb4eacbe6688e906/gettyimages-454509980.jpg?branch=production&width=3840&quality=75&auto=webp&crop=16:9 ---  * [Business](/section/business/) ## Business Update your preferences in [Account Settings](/account/preferences/) Close * [mergers & acquisitions](/tag/mergers-acquisitions/) ## mergers & acquisitions Update your preferences in [Account Settings](/account/preferences/) Close # Uber Just Sold its China Business in a Massive $35 Billion Deal by [Casey Quackenbush](/author/casey-quackenbush/) ## Casey Quackenbush Update your preferences in [Account Settings](/account/preferences/) Close Updated: Dec 13, 2023 5:00 AM CUTPublished: Aug 1, 2016 7:13 AM CUT  In this photo illustration, a woman uses the Uber app on an Samsung smartphone on September 2, 2014. In this photo illustration, a woman uses the Uber app on an Samsung smartphone on September 2, 2014.Adam Berry—Getty Images by [Casey Quackenbush](/author/casey-quackenbush/) ## Casey Quackenbush Update your preferences in [Account Settings](/account/preferences/) Close Updated: Dec 13, 2023 5:00 AM CUTPublished: Aug 1, 2016 7:13 AM CUT [Uber](http://time.com/tag/uber/ "undefined") will merge its China operation with its mainland ride-hailing [rival Didi Chuxing](http://time.com/4329135/didi-chuxing-apple-uber-investment-aapl-china/?iid=sr-link2 "undefined") in a $35 billion deal. [Didi](http://time.com/4329135/didi-chuxing-apple-uber-investment-aapl-china/?iid=sr-link2 "undefined") will reportedly invest $1 billion in Uber at a $68 billion valuation, while Uber China investors will receive a 20% stake in the rival company, [Bloomberg](http://www.bloomberg.com/news/articles/2016-08-01/uber-said-to-merge-china-business-with-didi-in-35-billion-deal "undefined") reports. Didi Chuxing said it would take over all of Uber China and operate it as a separate brand. In exchange, the company said, Uber will receive a stake in Didi Chuxing and Uber founder Travis Kalanick will join the Chinese company’s board. The heavy cost to compete in China has reportedly sapped Uber of $2 billion. Didi Chuxing eclipses Uber’s performance in China, completing over 11 million rides per day compared with Uber’s 1 million. The share-swap deal comes days after China released a framework to legalize ride-hailing services. \[[_Bloomberg_](http://www.bloomberg.com/news/articles/2016-08-01/uber-said-to-merge-china-business-with-didi-in-35-billion-deal "undefined")\] ```json [{"@context":"https://schema.org","@type":"NewsArticle","@id":"https://time.com/4432662/uber-didi-chuxing-merger/","mainEntityOfPage":{"@type":"WebPage","@id":"https://time.com/4432662/uber-didi-chuxing-merger/"},"headline":"Uber Just Sold its China Business in a Massive $35 Billion Deal","datePublished":"2016-08-01T07:13:30.000Z","dateModified":"2023-12-13T05:00:21.000Z","description":"The heavy cost to compete in China has reportedly sapped Uber of $2 billion","url":"https://time.com/4432662/uber-didi-chuxing-merger/","keywords":["mergers & acquisitions","Tech","China","Uber"],"thumbnailUrl":"https://static.time.com/v3/assets/bltea6093859af6183b/bltc44daa792ffa7bf0/6988a08cfb4eacbe6688e906/gettyimages-454509980.jpg?branch=production&width=1200&quality=75&auto=webp&crop=1200:675&height=675","author":[{"@type":"Person","name":"Casey Quackenbush","jobTitle":null,"url":"https://time.com/author/casey-quackenbush/"}],"articleSection":"Business","image":[{"@type":"ImageObject","url":"https://static.time.com/v3/assets/bltea6093859af6183b/bltc44daa792ffa7bf0/6988a08cfb4eacbe6688e906/gettyimages-454509980.jpg?branch=production&width=1200&quality=75&auto=webp&crop=1200:675&height=675","width":1200,"height":675,"headline":"German Court Bans Uber Service Nationwide","caption":"German Court Bans Uber Service Nationwide","creditText":"Adam Berry—Getty Images","representativeOfPage":true}],"publisher":{"@type":"Organization","name":"Time","url":"https://time.com/","logo":{"@type":"ImageObject","url":"https://time.com/images/logo.png","width":528,"height":156},"foundingDate":"March 3, 1923","sameAs":["https://www.facebook.com/time","https://www.instagram.com/time/?hl=en","https://twitter.com/time","https://www.pinterest.com/timemagazine"]}},{"@context":"https://schema.org","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"item":{"@id":"/section/business/","name":"Business"}},{"@type":"ListItem","position":2,"item":{"@id":"/tag/mergers-acquisitions/","name":"mergers & acquisitions"}},{"@type":"ListItem","position":3,"item":{"@id":"https://time.com/4432662/uber-didi-chuxing-merger/","name":"Uber Just Sold its China Business in a Massive $35 Billion Deal"}}]}] ```