#Dealwire is your dose of notable M&A and partnership deals in business and technology space. Firms covered in this segment include Uber, Didi Chuxing, Tesla, Solarcity, Oracle and Netsuite
Didi Chuxing to Acquire Uber China
Uber’s biggest rival in China, Didi Chuxing, has agreed to acquire its Chinese arm. The two companies confirmed the news earlier today. The services of the two companies will continue to operate independently post the merger.
The valuation of the combined entity is pegged at $35 billion. Travis Kalanick, CEO, Uber confirms that the move has been made to jointly aim at profitability. Uber stakeholders would receive a 20% in the new firm. Read More
Tesla to Buy SolarCity for $2.6B
Tesla has announced that it is acquiring solar technology firm SolarCity in an all stock transaction worth $2.6 billion. The electric car maker had proposed the acquisition to SolarCity in June 2016.
It is to be noted that Tesla’s Chief Elon Musk is also the Chairman of SolarCity. The move is in line with his vision to create solutions for sustainable energy consumption. Read More
Oracle Acquires Cloud-Based ERP Provider Netsuite for $9.3B in Cash
In order to build and strengthen capabilities in cloud technology, Oracle is acquiring cloud-based ERP solutions provider Netsuite in an all cash deal worth $9.3 billion.
“Oracle and NetSuite cloud applications are complementary, and will coexist in the marketplace forever,” said Mark Hurd, Chief Executive Officer, Oracle. “We intend to invest heavily in both products—engineering and distribution.” Read More
Image Credit: Travis Kalanick Facebook PageCategory Business News