Didi Chuxing to buy rival Uber China
Didi Chuxing has announced an agreement to acquire all assets of Uber China from Uber for operation within mainland China. In exchange, Uber will receive 5.89% of the combined company with preferred equity interest which is equal to a 17.7% economic interest in Didi. The news follows the Chinese government’s release last week of proposed regulations that will make taxi-hailing services legal beginning in November.
TCV raises $2.5B for growth-stage tech fund
Technology Crossover Ventures (TCV), which invests in a mix of venture-backed and public companies, has raised $2.5 billion for a new fund targeting growth-stage deals, TechCrunch reports. The Silicon Valley firm’s previous fund, TCV VIII, was for $2.2 billion.
Tesla to buy SolarCity for $2.6B
Tesla Motors has reached an agreement to buy SolarCity for $2.6 billion. The purchase price is about $300 million less than an initial proposal several weeks ago.
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