Hangzhou Kuaizhi Technology Co., Ltd acquired UberChina from Uber Technologies, Inc., Baidu, Inc. and others.
September 21, 2016
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Hangzhou Kuaizhi Technology Co., Ltd. agreed to acquire UberChina from Uber Technologies, Inc., Baidu, Inc. (NasdaqGS:BIDU) and others in a stock deal on August 1, 2016. Pursuant to merger, Uber Technologies will own 17.7% and other sellers including Baidu Inc. will own 2.3% stake in Hangzhou Kuaizhi Technology Co., Ltd. Further, Travis Kalanick will join Hangzhou Kuaizhi Technology's board and Cheng Wei will join Uber's board as a part of the deal. The deal is subject to government approval, including merger clearance from China's Ministry of Commerce. Julie Gao and Will Cai, David Rievman, Nathan Giesselman, Steven Sunshine, Matthew Hendrickson and Rory McAlpine of Skadden, Arps, Slate, Meagher & Flom LLP. Tan Peng and Michael Han of Fangda Partners acted as legal advisors for Hangzhou Kuaizhi Technology. Charles Li, Gloria Xu, Ma Cheng, Chen Rong and Huang Wei of Han Kun Law Offices and Miranda So of Davis Polk & Wardwell LLP acted as legal advisors for Uber China. Kyle C. Krpata, Douglas Nave & Charles Ching of Weil Gotshal & Manges acted as legal advisor in this transaction.
Hangzhou Kuaizhi Technology Co., Ltd completed the acquisition of UberChina from Uber Technologies, Inc., Baidu, Inc. (NasdaqGS:BIDU) and others on September 22, 2016.
Uber Technologies, Inc. is specialized in the development and operation of technology platforms designed to connect users with drivers, restaurants and service providers. Net sales break down by activity as follows:
- operation of a platform for booking trips and providing vehicles with drivers (76%). The group also offers carpooling solutions;
- operation of an online meal ordering platform (17.7%; Uber Eats);
- operation of an application for linking freight carriers and shippers (5.2%);
- Other (0.8%).
The balance of net sales (0.3%) mainly concerns the development and marketing of stand-alone vehicles and carpooling technologies.
Net sales are distributed geographically as follows: the United States and Canada (62.2%), Europe/Middle East/Africa (15.2%), Latin America (13.8%) and Asia/Pacific (8.8%).
UBER TECHNOLOGIES, INC. 
