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Meituan buys Mobike for 2.7 billion USD: report

(Ecns.cn)    15:03, April 04, 2018

Meituan-Dianping, China's largest provider of on-demand services, has bought bike-sharing company Mobike.

People ride Mobike bicycles. [File photo: China Plus]

This will expand Meituan's business operations, which include group buying, food delivery and - just recently - ride hailing.

Business news website yicai.com reports the acquisition concluded April 3, 2018, with Meituan paying 2.7 billion US dollars.

A report by business publication Caixin suggests the deal has been brokered by Pony Ma, CEO of Tencent, which is a shareholder in both Meituan and Mobike.

The acquisition comes after e-commerce giant Alibaba took over online food ordering platform Ele.me, Meituan's major competitor, for 9.5 billion US dollars a day earlier.

Mobike founder Hu Weiwei has put a post on social media early Wednesday saying both Mobike and Meituan share the same vision for people to live better, suggesting the deal is a new beginning.

In a separate post, Wang Xing, founder and CEO of Meituan, has praised Mobike for its innovation and social value, saying the two companies will create a brighter future together.

Meituan entered into a strategic partnership with Mobike in 2016. Last September, Mobike embedded its service into the Meituan app so that users can log into the Mobike service through the Meituan app. 

(For the latest China news, Please follow People's Daily on Twitter and Facebook)
(Web editor: Liang Jun, Bianji)

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