Investing.com -- Uber Technologies Inc. has agreed to acquire FlyTaxi, a Hong Kong-based taxi service, as part of its expansion plans in the city, Sing Tao Daily reported Friday.

The US-based company said it aims to combine FlyTaxi's local market strength with its own advanced technology and operational expertise, according to the Chinese-language newspaper. The financial terms of the deal were not disclosed.

FlyTaxi will continue to operate as usual following the acquisition, the report said. Existing Uber and FlyTaxi drivers and passengers will not be affected by the change.