Tuesday, July 17, 2018

China’s Didi scores $500m and a $1.5bn spinoff deal ahead of an early 2019 exit

From CityAM:
Chinese ride-hailing service Didi Chuxing today announced $500m (£380.1m) in investment from the US parent of Booking.com, alongside rumours of a potential deal to sell off its car services unit for $1.5bn.

Though the company has yet to comment on any plans for an initial public offering, it is thought that Didi will need to sell the asset-heavy unit to appease new investors before potentially floating in Hong Kong early next year.

Reuters reported sources close to the company as saying long-term investor Softbank is tapped for the deal.

Meanwhile US travel firm Booking Holdings, which oversees popular sites like Booking.com, Kayak and Priceline.com, has formed a strategic partnership with Didi alongside the $500m deal....MORE