Huochebang, backed by Baidu and Tencent, is set to merge with its local peer Yunmanman in a deal that would value the combined entity at more than $2bn.
Huochebang, a China-based logistics services provider backed by internet companies Baidu and Tencent, has agreed to merge with its local peer Yunmanman, Bloomberg reported today.
The combined business is set to be worth more than $2bn and would end an expensive battle between the two companies to dominate the Chinese trucking market. Neither company has officially commented on the deal yet.
Founded in 2011, Huochebang operates an online logistics platform that links lorry drivers with clients. It also allows drivers…
