Didi confirms It Has Acquired 99 In Brazil To Expand In Latin America

Earlier today, we reported that Didi was in the process of acquiring 99, a ridesharing company in Brazil, and now the two companies have confirmed the deal as part of Didi’s plans to expand its service into Latin America.

Terms of the deal were not disclosed — we are asking — but earlier today we noted that Didi was effectively putting in $900 million — $600 million to buy out investors, plus an additional $300 million of further investment into the business and its expansion plans — effectively giving the company a valuation of $1 billion (after you add in Didi’s original $100 million investment in 99 in January of last year).

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