Baidu acquires Renren's remaining stake in daily deals site

Five months after Baidu (BIDU -0.4%) acquired a 59% stake in Chinese daily deals/group-buying site Nuomi from Renren (RENN +2.2%) for $160M, Renren says it has reached a deal to sell its remaining stake in Nuomi to Baidu. Terms are undisclosed. (PR)

Following Baidu's initial purchase, Nuomi's CEO wrote a memo stating his company is looking to eventually go public. The company has been estimated to hold an 11.6% share of the Chinese group-buying market (#4 overall).

Nuomi is just one of several acquisitions Baidu has made over the last two years to grow the reach of its Web/mobile empire.

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Comments (3)
  • User 11754671
    , contributor
    Comment (1) | Send Message
    Is this good for RENN? What is it's future? Do you sell or buy more?
    24 Jan 2014, 12:29 PM Reply Like
  • diannepullan
    , contributor
    Comments (16) | Send Message
    Seems like it's too little too late for Bidu.
    24 Jan 2014, 04:27 PM Reply Like
  • Phil the Fluter
    , contributor
    Comments (172) | Send Message
    The key information missing from the article is how much did RENN own of Nuomi? ie how much is left afer Baidu's acquisition for Nuomi to go public?
    27 Jan 2014, 06:30 AM Reply Like
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