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China's Didi Chuxing acquires Brazilian ride-hailing company 99

iphonedigital / Flickr CC

Chinese ride-hailing company Didi Chuxing said that it has acquired 99 in Brazil, confirming recent reports. Didi invested in 99 last year, and the companies share SoftBank as an investor.

Why it matters: Didi is now back to competing with Uber, this time in Brazil. The two ended their expensive rivalry in 2016 after Uber sold its Chinese operations to Didi, in exchange for an ownership stake.

Didi Chuxing president Jean Liu said later that year that her company plans "play a global game" and that it believes in "local players," hinting that more partnerships, investments, and acquisitions are in its future.

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