Davis Polk Guides Baidu In $1.9B Chinese App Maker Buy

Law360, New York (July 16, 2013, 11:53 AM EDT) -- Top Chinese search engine Baidu Inc. will fork over $1.9 billion for app-store developer 91 Wireless Websoft Ltd., it said Tuesday, notching another major step toward diversification as it strives to keep up with rivals in an increasingly competitive Chinese marketplace.

Under the companies' memorandum of understanding, Baidu will pay 91 Wireless' majority owner, NetDragon Websoft Inc., $1.09 billion for its 57.4 percent stake and later will snap up the remaining interest from other, smaller shareholders at the same per-share rate. NetDragon said it expects to...
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