Rivals Didi and Uber to join forces

Fares likely to rise as the two operators will not need to pay out heavy subsidies

The top two ride-hailing companies in China are expected to soon end the costly fight over the largest such market in the world, with Didi Chuxing agreeing to acquire the China business of its rival Uber Technologies Inc.

Beijing-based Didi, the dominant ride-hailing service provider in China, said in a statement on Monday that it will buy Uber's China operation.