Chinese internet giant Baidu announced that it is reportedly buying an app distribution platform 91 Wireless from NetDragon for a total of $1.9 billion. The purchase means Baidu will include purchasing of NetDragon’s 57.41 percent equity interest in 91 Wireless.
The company says that it has already signed a Memorandum of Understanding with NetDragon while before signing of definitive agreements; NetDragon is restricted from approaching or discussing with any third parties the sale of 91 Wireless.
For the remaining equity interests in 91 Wireless, Baidu says it is intended to purchase it from other shareholders based on similar terms and conditions to those offered to NetDragon, provided those shareholders are willing to sell by the Long Stop Date.
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