Didi Buys Out Bluegogo Amid Plans to Set Up Own Bike-Sharing Brand, Sources Say
Tang Shihua
/SOURCE : Yicai
Didi Buys Out Bluegogo Amid Plans to Set Up Own Bike-Sharing Brand, Sources Say

(Yicai Global) Jan. 3 -- The world's largest ride hailing firm Didi Chuxing has finalized a deal to takeover debt-laden bike sharer Bluegogo International Inc.

"As far as I know, [Didi and Bluegogo] have been discussing the deal since before November, but it wasn't finalized until recently," a source close to the ride hailing platform told online media outlet 36Kr. Didi's publicity department declined to comment.

The informant couldn't provide the exact purchase price or offer further details.

Multiple sources told 36Kr that Didi, which already backs bike-sharing giant Ofo's operator Beijing Bikelock Technology Co., is looking to create its own bike-sharing brand.

"More than a dozen of Bluegogo's research and development staff joined Grab, a Southeast Asian car-hailing firm backed by Didi, shortly after the bike sharer failed to find a buyer late last year" one of the target firm's ex-employees said.

"Grab is mostly based in Southeast Asia but runs a few operations in China. I figured Didi and Bluegogo may have been in talks when I heard that so many people joined Grab," he added.

Bluegogo was China's third-largest bike-sharing operator, but has effectively halted services after failing to secure new funding in November.

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Keywords: Car Hailing , Bike Sharing , M&As , Didi , OFO , Bluegogo