Skadden, Simpson on $6B Taxi-Hailing App Merger in China
Tencent-backed Didi Dache and Alibaba-backed Kuaidi Dache are tying up after a fierce battle for market share in the world's largest economy.
February 16, 2015 at 07:56 PM
2 minute read
Skadden, Arps, Slate, Meagher & Flom and Simpson Thacher & Bartlett have advised on a $6 billion merger of Chinese taxi-hailing mobile applications Didi Dache and Kuaidi Dache.
The merger creates China's largest mobile platform for local transportation by users, bringing the companies together after a bitter yearlong price war for customers. Didi and Kuaidi will continue to operate under separate brands, however, with Didi CEO Wei Cheng and Kuaidi CEO Dexter Chuanwei Lu serving as co-CEOs of the newly combined venture.
Didi and Kuaidi, backed by Tencent Holdings Ltd. and Alibaba Group Holding Ltd., respectively, had been fighting for an increasing share of the 150 million Chinese hailing taxis with mobile apps, according to Reuters. Didi controlled about 55 percent of the market, with Kuaidi retaining nearly all of the remaining 45 percent, the newswire said, citing a December study by Analysis International.
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