Chinese Taxi apps Didi Dache and Kuaidi Dache merge

Overview:

• Chinese taxi hailing apps Didi Dache and Kuaidi Dache have undertaken a $6 billion merger.
• The two companies will continue to act as independent brands.
• The two brands own nearly the entire market share in China.
• Both apps are backed by Chinese internet firms: Tencent Holdings in the case of Didi, and Alibaba Group in the case of Kuaidi.
• Skadden Arps Slate Meagher & Flom and Fangda Partners acted for Didi Dache.
• Simpson Thacher & Bartlett and Han Kun Law Offices advised Kuaidi Dache.