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Business deals

Chinese unicorn Meituan to buy Mobike

Union of Tencent-backed ventures is part of a turf war with Alibaba

Chinese bike-sharing company Mobike has been expanding into overseas markets. (Photo by Kosaku Mimura)

Chinese on-demand booking platform Meituan Dianping on Wednesday said it has agreed to buy all of bike-sharing startup Mobike in a deal that will combine two ventures backed by technology conglomerate Tencent Holdings.

Meituan did not disclose the value of the acquisition but various media outlets reported it is about $2.7 billion.

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