Didi Chuxing buys control of 99, Brazil’s leading ride-hail app

Now think about this. Softbank has a $5 billion stake in Didi and a chunk of both India's Ola and Indonesia's Go-Jek yet they they bought into Uber.
Why?
(possible answer after the jump) 

From Reuters:

BRASILIA/SAO PAULO (Reuters) - China’s ride-hailing application Didi Chuxing has agreed to acquire control of Brazil’s 99, the companies said in a statement on Wednesday, potentially creating a formidable rival to Uber in Latin America’s largest economy.

The companies did not disclose the stake acquired nor the value, but two people familiar with the deal told Reuters that the transaction would value 99 at over $1 billion and that Didi would hold a ‘significant majority’ of the Brazilian firm.

The Chinese company bought out investors such as Riverwood Capital, Monashees Inc, Qualcomm Ventures, Tiger Global Management LLC and SoftBank Group Corp (9984.T), said one of the people.
Brazilian newspaper Valor Econômico earlier reported the valuation of the deal and the investors involved.

The acquisition intensifies Didi’s global rivalry with Uber Technologies Inc, especially in Latin America. Reuters reported in December that Didi planned to enter Mexico this year....MORE

HT: The Verge

Previously:
July 2017 
"SoftBank Emerges as the Lead Financier for Uber Rivals"
April 2017
Dear Mr. Kalanick, "China's Didi Raises Over $5.5 Billion in Record Tech Funding"
Didi's relentless approach is getting a bit scary but I do laugh when thinking of the company's President's thoughts on the biz:

I still can't get the picture of Didi Chuxing's President, Liu Qing (anglicized to Jean Liu), commenting on Travis Kalanick and Uber's efforts in China as cute. Then when Uber proclaimed the $3.5 billion investment from the Saudis she laughed and said she had more than that on the way. 

Didi then announced the completion of a $7.3 billion fundraising.
Uber better be on top of their game in Southeast Asia because they weren't in China and got run out of the country....

March 2017
Ridezilla: Chinese Rideshare Co, Didi Chuxing Is Looking to Raise Another $6 Billion
SoftBank Group Corp. would lead the investment being considered by China's largest ride-hailing company, Bloomberg's Lulu Chen reported Tuesday.


September 2017 
You Understand Why Mr. Son and SoftBank Are Circling Uber, Right?
It's been right there in front of us for a year. Think back to a couple posts from 2015:

Big Money: Uber Guts Carnegie Mellon Robotics Lab To Hire Autonomous Car Developers
"Uber Is Stealing Scientists, But Only So It Can Lay Off Drivers"

Mr. Son doesn't care about the taxi company, he's got taxi companies. SoftBank wants those roboticists and artificial intelligence mavens Uber poached from Carnegie-Mellon.