Uber selling China business to big local rival

Uber agreed to sell its China operations to rival Didi Chuxing in a deal that could be worth as much as $35 billion.

"Didi has been a fierce competitor," Uber CEO Travis Kalanick wrote in a Facebook post. "Sustainably serving China's cities, and the riders and drivers who live in them, is only possible with profitability."

The deal will give Uber an 18 percent stake in Didi, making it the largest shareholder. Didi will have a minority stake in Uber.

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