Baidu Puts Up $1.85B For Chinese App Maker 91 Wireless

Law360, New York (August 14, 2013, 1:49 PM EDT) -- Leading Chinese search engine Baidu Inc. has signed a definitive agreement to acquire 100 percent of app-store developer 91 Wireless Websoft Ltd. for $1.85 billion, notching another major step toward diversification, Baidu said Wednesday.

Baidu will acquire 91 Wireless from majority shareholder NetDragon Websoft Inc. and several other minority stakeholders in an all-cash deal. The deal is expected to close by the end of 2013, after which 91 Wireless will operate as an independent wholly owned subsidiary of Baidu.

The deal, which follows a memorandum of...
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