April 4, 2018 / 4:52 AM / a year ago

China's Meituan Dianping says to acquire bicycle-sharing firm Mobike

BEIJING, April 4 (Reuters) - Meituan Dianping, China’s top on-demand services platform, said on Wednesday it has agreed to acquire bike-sharing firm Mobike.

Both firms are backed by Chinese gaming and social media firm Tencent Holdings Ltd.

Meituan did not disclose the value of the deal, though local media said it was roughly $3.7 billion.

Mobike will maintain its brand following the deal and keep its current management team, Meituan said.

Mobike is one of the two top bicycle-sharing platforms in China and counts over 30 million rides a day. (Reporting by Cate Cadell Editing by Muralikumar Anantharaman)

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