E-commerce platform Meituan-Dianping has agreed to acquire China-based bike-sharing company Mobike for a reported US$3.7 billion, including the assumption of US$1 billion in debt. Meituan will fund the acquisition through a combination of 35 percent equity shares and 65 percent cash. Mobike is backed by strategic investor Tencent Holdings, Singaporean sovereign wealth fund Temasek Holdings and private equity and venture capital firms Hillhouse Capital, Warburg Pincus, TPG Capital and Qiming Venture Partners. The acquisition will enable Meituan users to access bike-sharing services in addition to the company’s ride-hailing and car-sharing offerings. Mobike will continue to operate as an independent brand.