Two of China’s largest online companies have agreed to combine in what will be the country’s largest private market merger, with a potential valuation of as much as $20bn according to people familiar with the matter.
By coming together, Meituan.com and Dianping Holdings will dominate in China’s market for providing everything from movie tickets to discount restaurant coupons and home delivery of food.
Meituan, had about 52 per cent of the Rmb77bn ($12.1bn) online-to-offline services market in the first half of the year, according to researcher Analysys International, while restaurant review app Dianping accounted for about 30 per cent.
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