Didi acquires Brazil's 99
Didi Chuxing said it is acquiring Brazil's ride-hailing business, 99, marking another major step in the Chinese company's global expansion.
Didi made a strategic investment in 99 in early 2017 and the partnership between the two companies seeks to further accelerate market growth in Latin America and give more transportation choices to consumers.
"Building on the deep trust between our two teams, this new level of integration will bring to the region more convenient, value-added mobility services," said Didi founder and CEO Cheng Wei.
“Globalization is a top strategic priority for Didi, and with enhanced investments in artificial capabilities and smart transportation solutions, we will continue to advance the transformation of the global transportation and automotive industries through diversified international operations and partnerships."
After becoming a strategic investor in 99 in January last year, 99 and Didi teams collaborated closely in areas ranging from technology to product innovation, market development and operational management in Brazil.
"We are confident that being part of Didi Chuxing will vastly enhance our capability to expand our services throughout Brazil to bring critical value to users, drivers and cities," Peter Fernandez, CEO of 99, said in a statement.
Didi last month said it has raised US$4 billion in funding from domestic and overseas investors as the company seeks to step up international expansion and new energy vehicles initiatives.
Its other overseas investments cover a wide number of areas and regions spanning over 1,000 cities, including the US (Lyft), Latin America, Europe (Taxify), the Middle East (Careem), India (Ola) and Southeast Asia (Grab) as the company seeks to extend its footprint outside China after its acquisition of Uber's China operations in 2016.