Qihoo 360 aims to sell JV stake to Coolpad
Print Edition
QIHOO 360, which formed a joint venture with Coolpad and debuted own-brand smartphones, aims to sell its entire stake in the venture for US$1.49 billion to Coolpad which received an investment from Letv.
Letv’s investment in Coolpad, several months after the Qihoo 360-Coolpad deal, has hurt the venture’s business because Letv also sells smartphones.
Under the deal, Qihoo 360 has the rights to sell its 49 percent stake to Coolpad at a price double the market value of US$742.5 million if Coolpad hurt the venture’s business, said Qihoo 360, China’s biggest Internet security firm.
HK-listed Coolpad halted trading in the morning session yesterday but it didn’t comment on the issue.
In June, Letv, which offers users a massive online video content, invested 2.19 billion yuan (US$344 million) to become Coolpad’s second-biggest shareholder.
The investment came just six months after Qihoo 360 said it would invest US$409 million to set up the joint venture with Coolpad, with a 45 percent stake. Qihoo 360 later raised the stake to 49 percent.
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