(Bloomberg) — Didi Global Inc. has agreed to sell its smart car development division to Xpeng Inc. for HK$5.84 billion ($744 million), leaving a promising business in the world’s largest electric car market.
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Xpeng, one of the country’s largest electric car makers, will issue shares at HK$64.03 each to Didi, the company said in a stock exchange filing.
Didi, who was once feted as the national champion who ran Uber Technologies Inc. out of the country, was driven off New York’s main stock exchange after Chinese regulators launched investigations into the security of its data. The company is gradually resuming its expansion of cars.
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–With assistance from Peter Elstrom.
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