Skadden, Arps, Slate, Meagher & Flom and Fangda & Partners have represented Didi Chuxing, China’s largest ride-hailing firm, on its acquisition of the Chinese business of Uber, which was counseled by Davis Polk &Wardwell, Walkers and Han Kun Law Offices.

The deal will give Uber a 20 percent share in the combined firm, which will be valued at $35 billion. According to sources, Didi is to invest $1 billion in Uber’s operations in the rest of the world, called Uber Global, which was last valued at $62.5 billion. 

The Skadden team advising Didi Chuxing includes corporate partners Julie Gao and Will Cai, tax partners David Rievman and Nathan Giesselman, antitrust partners Steven Sunshine and Matthew Hendrickson, as well as partner Rory McAlpine for enforcement. The Fangda team was led by partner Tan Peng.

The Han Kun team includes antitrust partners Charles Li, Xu Ying, and Ma Cheng, as well as intellectual property partner Chen Rong andlabor partner Huang Wei. A Walkers team led by partners  Amelia Hall, Denise Wong and Joanne Collett acted as Cayman Islands counsel to Uber China.

Travers Thorp Alberga acted as Cayman Islands counsel to Didi Chuxing, led by partner Everton Robertson.

As part of the deal,  Didi is buying Uber’s brand, business and data in China. Uber Technologies and Uber China’s other shareholders including Baidu, will received a 20 percent stake in the combined company. 

Didi and Uber have been in a ferocious battle for control of China’s fast-growing ride-hailing market, providing billions of dollars in subsidies to both drivers and passengers.

The high-profile merger is subject to regulatory approval as the newly created company is expected to have a 90 percent market share.