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Baidu buys 59% stake in Nuomi

Monday 26 August 2013 | 02:42 CET | News
Chinese search services provider Baidu will buy a majority stake in group-buying website Nuomi. Baidu has agreed with social networking platform Renren - the parent of Nuomi - to 59 percent of the equity interest in Nuomi for USD 160 million in cash. The transaction is expected to close in the fourth quarter of this year. Nuomi was founded in 2010 and provides group buying services. In Q2 of this year, the company generated around USD 120 million in general merchandise sales and had 3.8 million active paying users. Of the sales transacted on Nuomi during that period, 30 percent were conducted

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Categories: Internet
Companies: Baidu
Countries: China
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