Baidu Pays $160M For 59% Stake In China Group-Buying Co.

Law360, New York (August 23, 2013, 1:42 PM EDT) -- Chinese-language Internet search company Baidu Inc. has agreed to acquire a 59 percent equity interest in group-buying services provider Nuomi Holdings Inc. from parent company Renren Inc. for $160 million in cash, Baidu said Friday.

The Beijing-based firm, the market leader in the Chinese-language online search industry, will become the majority owner of Nuomi. Renren, a Chinese online social networking platform, will retain a minority stake in the group-buying services firm.

The deal, which is expected to close by the end of 2013, will give Baidu...
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