News this week: China’s leading Internet search provider, Baidu,
announced the acquisition of a 59% stake in Nuomi Holdings Limited on behalf of
its subsidiary, Baidu Holdings Limited, for US$160 million. The transaction is expected
to close in the fourth quarter of 2013.
Nuomi is a wholly-owned subsidiary of New York-listed Renren Inc., a China-based
social networking Internet platform. Nuomi was founded by Renren in 2010 and
provides group-buying services in China. Baidu reports Nuomi generated
approximately US$120 million in general merchandise sales and had 3.8 million
active paying users as of Q2 2013 – 30% of Nuomi’s sales during the period were
generated from mobile devices.
This post is excerpted from BSG's weekly e-newsletter
which is part of our subscription research service, BSG Tracker. Visit our website
to find out more about this service. You can also follow us on Twitter
for all the latest updates.
No comments:
Post a Comment