Deals
Taxi Apps Backed by Alibaba, Tencent Said in Merger Talks
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China’s two largest taxi-hailing applications, backed separately by Alibaba Group Holding Ltd. and Tencent Holdings Ltd., are in talks to merge, according to people familiar with the matter.
Hangzhou Kuaidi Technology Co., with investors including Alibaba and SoftBank Corp., may announce a combination with Tencent-backed Didi Taxi after next week’s Lunar New Year holiday, the people said, asking not to be identified because the talks are private. Tencent would be the largest shareholder in the combined company, which would have a valuation of about $6 billion, the people said.