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Baidu to buy out group-purchasing website Nuomi
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China's largest Internet search engine operator Baidu said today it will take over group-purchasing website Nuomi.com in an effort to extend its service to the offline realm.
Baidu will purchase the rest of 41 percent stake it doesn’t own in Nuomi and the deal is expected to be completed in the first quarter this year, according to a joint statement from the two companies today.
Nuomi was established in 2010 and Baidu made a strategic investment of US$160 million for a 59 percent stake last year.
"The takeover of Nuomi will enable us to better connect with local services providers and merchants and we have huge confidence in the market potential provided by group-buying sites," said Liu Jun, vice president of Baidu and chief executive officer at Nuomi.
Baidu has been connecting Nuomi with its services including Baidu Map to allow users easier access to group buying deals.
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