, Inc. (BIDU) Acquires Majority Stake In Nuomi

Posted Aug 23, 2013, Inc. (NASDAQ:BIDU) is spending $160 million to buy a majority stake in Renren subsidiary Nuomi.  Nuomi is known as one of the largest group buying websites in China.  The, Inc. (NASDAQ:BIDU) stake in Nuomi is now 59%.  Renren is considered a Facebook competitor in China.  This deal is expected to close in Q4 2013.

Baidu said that Nuomi will “complement” and drive the growth of their mobile and location-based services.  Nuomi is one of China’s largest group buying websites and they have around 3.8 million active paying users.  Around 30% of their sales are made through mobile devices., Inc. (NASDAQ:BIDU) is the largest search engine in China., Inc. (NASDAQ:BIDU) has been on an acquisition tear lately.  Before reporting profits of $430.8 million in Q2 2013,, Inc. (NASDAQ:BIDU) acquired a mobile app store company for $1.9 billion called Wireless 91.  This past May,, Inc. (NASDAQ:BIDU) bought PPS for $370 million.

Nuomi has a 5.9% marketshare of China’s group buying market.  The largest group buying website in China is Juhuasuan, which has a 33.6% market share.  Juhuasuan is also owned by Alibaba Group.

[Source: PCW]