Didi Chuxing, the leading ride-hailing service in China, has reached a deal to acquire Uber’s China operations in a merger that could be worth up to $35 billion USD.

Didi will take over Uber’s China business, while the U.S. company will become Didi’s largest shareholder. The news comes days after Chinese regulators announced the upcoming legalization of ride-hailing services in the country.

According to sources who spoke to Bloomberg, investors in Uber China, which includes search giant Baidu, will take a 20 percent stake in the newly merged entity, and Didi will make a $1 billion USD investment in Uber Global at a $68 billion USD  valuation to kick off the partnership. Uber will maintain management of their app in China for the time being.

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Cate Cadell

Cate is a tech writer. She worked as a journalist in Australia, Mongolia and Myanmar. You can reach her (in Chinese or English) at: @catecadell or catecadell@technode.com