Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
The move will consolidate Baidu's position as a leading access portal to China's mobile Internet, according to a report by Chinese industry research firm CCID/FILE

World

China’s Baidu buys mobile app firm for $1.9 bn

The move will consolidate Baidu's position as a leading access portal to China's mobile Internet, according to a report by Chinese industry research firm CCID/FILE

The move will consolidate Baidu’s position as a leading access portal to China’s mobile Internet, according to a report by Chinese industry research firm CCID/FILE

BEIJING, Jul 16 – China’s leading Internet search engine is to buy a smartphone app distribution firm for $1.9 billion, it said Tuesday, in what is said to be the largest takeover deal in the country’s Internet industry.

The move will consolidate Baidu’s position as a leading access portal to China’s mobile Internet, according to a report by Chinese industry research firm CCID.

Baidu held 80.6 percent of the country’s search engine market in the first quarter of this year, independent research firm iResearch said in a recent report.

The firm said in a statement it has signed a preliminary agreement to acquire a 57.41 percent stake in 91 Wireless Websoft currently held by NetDragon, a company based in southeast China’s Fujian province.

It will buy the rest of 91 Wireless’ shares owned by other parties on similar terms, giving the deal a total value of $1.9 billion.

That makes it by far the largest acquisition in China’s Internet sector, CCID said on its website.

Started six years ago, 91 Wireless operates two leading smartphone app distribution platforms in China, with more than 10 billion apps downloaded to date, according to the Baidu statement.

The company is the top third-party app distribution platform in China by both active users and accumulated downloads, Baidu said, citing a 2011-2012 report by iResearch.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Headlines

NAIROBI, Kenya, Mar 16 – The World Bank has given the Kenyan government USD 60 Million (Sh6.1 billion) to help combat the deadly coronavirus pandemic...