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Jean Liu, president of Didi Chuxing
Didi Chuxing, the Chinese ride-sharing company, has agreed to acquire full control of 99 — the main rival Brazilian rival to Uber and a company in which Didi already holds a stake — for around $600 million, according to three people with knowledge of the transaction.
The all-cash deal changes the competitive landscape for ride-hailing companies, particularly Uber and Didi, the industry’s two biggest players. The companies have been locked in a struggle to dominate as many markets as possible, with fast-growing regions like South America, and Brazil specifically, seen as huge prizes.