Uber is selling its China business to dominant local rival Didi Chuxing

Chinese ride-hailing service Didi Chuxing is taking over Uber's local business in a deal valuing the combined company at $35 billion, Bloomberg and Recode report. Didi is also said to be investing $1 billion in Uber based on a $68 billion overall valuation. Specific terms of the deal aren't yet clear, though Didi Chuxing was recently valued at $25 billion.
"As an entrepreneur, I've learned that being successful is about listening to your head as well as following your heart," Uber CEO Travi