Baidu to Acquire NetDragon's Subsidiary 91 Wireless For $1.9 Billion

Tuesday, July 16, 2013

Baidu to Acquire NetDragon's Subsidiary 91 Wireless For $1.9 Billion

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Baidu, Inc. the leading Chinese language Internet search provider, today announced that it plans to acquire app store 91 Wireless for $1.9 billion to strengthen its foothold in the country's highly competitive mobile computing sector.

Baidu and NetDragon will further negotiate and agree on the relevant terms of the proposed acquisition in the definitive agreements by 14 August 2013 to purchase NetDragon's 57.41% equity interest in 91 Wireless. Before the signing of definitive agreements, NetDragon is restricted from approaching or discussing with any third parties the sale of 91 Wireless.

91 Wireless is one of China's earliest appstores. Baidu's move could help the company work more closely with the apps developer and be able to enhance further their search capabilities.