Skadden, Arps, Slate, Meagher & Flom is advising Chinese ride-hailing app developer Didi Chuxing on the acquisition of Uber Technologies Inc.’s China business that will increase Didi’s valuation to $35 billion. Uber announced Monday it was surrendering to Didi in China’s highly competitive ride-sharing market.
As part of a deal, Uber China will become a wholly owned subsidiary of Didi, and the Chinese company will in turn sell a 20 percent stake to the San Francisco-based company. Uber will then become Didi’s largest shareholder with founder and chief executive Travis Kalanick joining Didi’s board. Didi’s chief executive, Cheng Wei, will also join Uber’s board.
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