Baidu has bought Chinese app store 91 Wireless for $1.9bn (£1.25bn) as the search giant looks to expand in to the lucrative mobile market. 91 Wireless is owned by NetDragon Websoft, a Hong Kong-list company. The proposed deal marks Baidu’s latest attempt to go beyond its search offering and compete against rivals Alibaba and Tencent. […]
Baidu has bought Chinese app store 91 Wireless for $1.9bn (£1.25bn) as the search giant looks to expand in to the lucrative mobile market.
91 Wireless is owned by NetDragon Websoft, a Hong Kong-list company.
The proposed deal marks Baidu’s latest attempt to go beyond its search offering and compete against rivals Alibaba and Tencent.
China’s mobile internet market is a huge opportunity with the number of active mobile users set to rise.
Baidu said it will pay $1.09bn for a 57.4% stake in 91 Wireless, which which was established in 2007. It operates two app stores in China, 91 Assistant and HiMarket, which run on Google’s Android operating system. It also develops its own apps.
Baidu will offer $800m to the owners of the remaining 42.6% stake, who were not named.
Read the officilal announcement here
