Baidu (BIDU) Is Acquiring A Mobile App Store Company For $1.9 Billion
Internet search company Baidu is acquiring Wireless 91 Websoft for $1.9 billion. Wireless 91 is one of the country’s largest platform for third-party mobile applications. Baidu recently made a deal to acquire Hong Kong listed online gaming company NetDragon to buy out NetDragon’s 57% stake in 91 Wireless. Baidu is expecting to buy out the minority interest from individual investors on similar terms. The definitive agreements are expected to be signed by August 14th.
Launched in 2007, Wireless 91 runs two smartphone app marketplaces called 91 Assistant and HiMarket. They also run consumer tools for mobile phone users. Wireless 91 has seen around 10 billion apps downloaded. This past February, NetDragon announced that they were planning on listing Wireless 91 on the Hong Kong Stock Exchange, but decided to suspend the listing process in May.
This past May, Baidu acquired PPS for $370 million.