Uber Technologies has decided to cooperate rather than compete in China, with the ride-hailing app company set to announce a merger with arch-rival Didi Chuxing, the largest ride-hailing company in the country.

Under the deal, Uber China investors will hold 20 percent stake in Didi Chuxing in a deal that values the combined entity at around US$35 billion, according to reports on Monday. Didi Chuxing will also make a $1 billion investment in Uber Global.

Didi Chuxing, which already had investments from key players such as Alibaba, SoftBank and Tencent, raised $7.3 billion in a financing round in June that included Apple investing in the company.

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Uber China gives up fight, will merge with local player, Didi Chuxing