In Uber-Didi War, Brazil Is Latest Battlefield

Didi Chuxing

Chinese company Didi Chuxing, one of Uber's main competitors, has bought Brazilian mobile phone application 99 (formerly 99Taxis), following an investment of US$100 million in January 2017, an amount that only gave it a minority stake, the Brazilian press reported. Over the course of the year, 99 and Didi teams collaborated closely in areas ranging from technology, to product innovation, market development and operational management in Brazil.

It now will acquire the company outright along with its 14 million registered users in Brazil as it pushes into the growing Latin American car-share market.

Didi plans to expand its operations to Mexico in 2018, so this move to buy a majority stake in 99 makes the most logical move.

The deal is notable not only as a major acquisition in a large marketplace but also because it marks the beginning of Didi Chuxing's global expansion. The New York Times first reported the price.

Teekay Offshore Partners LP (TOO): Attractive Mover
ValuEngine upgraded shares of Teekay LNG Partners from a "hold" rating to a "buy" rating in a report on Sunday, December 31st. This may include studying the balance sheet, profit and loss statements, and the overall competency of company management.

The company said the investment builds upon the deep existing partnership between Didi and 99 to further accelerate market growth in Latin America and bring more transportation choices to the region's citizens. Its global ambitions were finally laid bare when it said December 21 that its latest round would in part be dedicated to its worldwide expansion. Elsewhere, Didi has invested in Uber's domestic US rival Lyft, in India's Ola, and Southeast Asia's Grab. To date, Didi is a large investor in Southeast Asia's GrabTaxi Holdings Pte. It has previously partnered with overseas ride-hailing companies to offer reciprocal services in other countries, but Didi is now looking to launch its own services overseas.

Didi itself isn't shy about hinting that this is exactly what its intentions may well be.

Cheng Wei, founder and chief executive of Didi, said in Wednesday´s statement that "globalization is a top strategic priority for Didi".

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