Baidu in biggest IT deal
Print Edition
Baidu Inc yesterday said it has agreed to buy the app store of Hong Kong-listed Netdragon Websoft Inc for US$1.85 billion in cash in what would be the biggest deal in China’s IT sector.
Baidu’s purchase of 91 Wireless, one of the country’s top-three app stores by monthly users, fits in with the diversification strategy of China’s biggest Internet services provider. Baidu said it expects to close the deal by the fourth quarter of this year. “The acquisition of 91 Wireless significantly strengthens our mobile app distribution capability,” said CEO Robin Li.
Baidu said last month that it signed a memorandum of understanding to buy 57.41 percent of 91 Wireless.
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