China’s Didi To Buy Brazil’s 99 In $1B Deal To Take On Latin America

Ingrid Lunden: A year ago, Didi made a big move into Brazil when it laid down over $100 million to take a stake in 99, a local competitor to Uber in the app-based ride hailing market.

Now, on the heels of getting a massive $4 billion investment of its own, it appears that Didi is looking to double down the Latin American region.

According to several local reports, Didi is buying the Brazilian ridesharing startup, in a deal that values 99 at $1 billion.

A spokesperson for 99 said he was not authorized to talk with us but that there could be more news later.

Didi did not respond to a request for comment but a source close to the company confirmed…

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