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Baidu Pays $1.9 Billion in Biggest Takeover to Gain Mobile Share

July 16, 2013

<via Bloomberg>

July 16 (Bloomberg) — Baidu Inc., owner of China’s largest search engine, agreed to buy app store 91 Wireless for $1.9 billion in its biggest announced acquisition to gain a greater share of the mobile user market.

The company will acquire the majority stake owned by NetDragon Websoft Inc. and all other shares, Baidu said in a statement today. Investors in 91 Wireless on March 27 included companies controlled by PCCW Ltd. Chairman Richard Li and Temasek Holdings Pte, a separate filing showed.