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China’s Meituan Dianping acquires bike-sharing firm Mobike for $2.7 billion

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11/04/2018

CNBC

Meituan Dianping, China’s largest provider of on-demand online services, is buying bike-sharing firm Mobike for $2.7 billion, in a deal that will intensify the rivalry of their common backer Tencent Holdings with Alibaba Group.

Meituan announced the deal on Wednesday but did not disclose the value of the deal. Two sources told Reuters the equity value of the deal was $2.7 billion.

The deal consolidates the resources of the two firms, which are backed by Chinese gaming and social media giant Tencent, as Mobike faces off against Alibaba-backed Ofo, which also counts ride-hailing firm Didi Chuxing as a major investor.

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