Chinese ride-sharing giant Didi Chuxing is to take over the China operations of its US rival Uber, it said in a statement Monday, ending a ferocious battle for market share that cost both firms billions.

In exchange for the Uber China assets, Uber and its Chinese partners will receive shares equivalent to 20 percent of Didi Chuxing, the statement said, with Didi CEO Cheng Wei saying the two "have learned a great deal from each other over the past two years in China’s burgeoning new economy".