Beijing: Chinese Internet giant Baidu Inc confirmed on Wednesday it is buying a stake in fast-growing international car-hailing service Uber as the pair chase growth in one of the world`s largest transportation markets.
The companies didn`t disclose how big a stake Baidu is taking, nor how much it is paying for the investment, announced jointly in Beijing.
Baidu and Uber said they would collaborate to expand Uber`s presence in China, where it lags far behind Kuaidi Dache and Didi Dache, two domestic car-hailing apps backed by Baidu`s rivals Alibaba Group Holding Ltd and Tencent Holdings Ltd, respectively.
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