- 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.
Baidu acquires Renren's remaining stake in daily deals site
From other sites
Video at CNBC.com (Aug 21, 2015)
Video at CNBC.com (Jul 28, 2015)
Video at CNBC.com (Jul 9, 2015)
at CNBC.com (Feb 18, 2015)
at CNBC.com (Jan 12, 2015)
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