A SUMMER OF BIG ACQUISITIONS
Didi Chuxing and Uber China will join forces to end a long-standing rivalry and create a new company worth approximately $35 billion, 20% of which will be owned by Uber China. The move is a Hail Mary for both organisations, neither of which has been able to turn a profit in China. After three years, Uber currently operates in more than 60 Chinese cities, and plans to expand into another 30 soon. Didi, meanwhile, operates in 400 areas, and offers taxis, private cars, ride-sharing, and other services, facilitating more than 11 million rides per day – or $1.43 billion – in 2015.
On the other side of the world, Yahoo finally found a buyer. Verizon officially acquired Yahoo's core business for $4.83 billion in cash, which includes Yahoo's advertising, content, search and mobile activities. Yahoo's stakes in Alibaba and Yahoo Japan aren't part of the acquisition, whose stakes are worth tens of billions of dollars alone. But Yahoo's Sunnyvale headquarters are part of the acquisition.