Didi buys into Brazil ride-hailing company

Chinese ride-hailing platform Didi Chuxing bought a controlling stake in Brazil's 99 on Thursday, Uber's main rival in Latin America's largest economy, marking the company's first cross-border acquisition on its drive toward globalization.

Though the company did not disclose the stake acquired or its value, local media Valor Economico reported that the deal valued 99 at $1 billion and the New York Times said Didi is investing $600 million into 99, giving it "complete control" of the company, and will add additional cash on top of that.

The move came after Didi spent around $100 million to obtain a minority stake and some management rights in the Brazilian company last year.