Baidu could sell food delivery unit to competitor at discount

|By:, SA News Editor

Baidu (NASDAQ:BIDU) plans to sell its food delivery service Waimai to Alibaba-backed competitor Ele.me, according to Bloomberg sources.

The delivery business could sell for under half of its $2.5B valuation.

Waimai lags far behind Ele.me’s food delivery business in active users and underperforms compares to Baidu’s other food delivery service Nuomi.  

Baidu shares are up 1.18% premarket.

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