Jofie Yordan · · 1 min readBaidu cancels $3.6b acquisition of Joyy’s livestreaming unit
Photo credit: Joyy
Chinese tech giant Baidu has terminated its plan to acquire Joyy‘s domestic livestreaming business YY Live. The deal was valued at US$3.6 billion.
Baidu’s affiliate, Moon, had previously entered into a share purchase agreement with Joyy on November 2020, with the former looking to widen its geographical reach. However, the conditions for the deal “had not been fully satisfied” as of end-2023, according to a filing on the Hong Kong stock exchange.
In a different statement, Joyy said that it is seeking legal advice in response to the termination of the acquisition.
Joyy is a livestreaming and social media platform available in 150 countries. It operates popular social media apps such as Bigo Live, Likee, and Hago.
The company has over 1.6 million paying users globally, helping Joyy log US$236 million in revenue during the first three quarters of 2023.
In September 2021, Reuters reported that China’s antitrust regulator was unlikely to approve the deal. due to its efforts to restrict corporate expansions at the time.
See also: Departures at Shopline after $183m Joyy-led takeover
Editing by Miguel Cordon and Lorenzo Kyle Subido
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