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Deepti Sri · · 1 min readTencent unit to buy stake worth $3.5b in Chinese search engine merger deal
“Chinese search engine company Sogou said Monday it expects to complete a merger with Tencent in the second half of this year,” reported TechNode.
Details:
- As part of the agreement, a Tencent unit called TitanSupernova will pay US$3.5 billion to purchase all of Sougou’s shares from its controlling shareholders.
- Sogou will become a private Tencent-owned entity and will be delisted from the New York Stock Exchange after the deal.
Dive deeper:
- Tencent is also reportedly buying UK video game developer Sumo in a US$1.27 billion deal, adding new titles to its growing portfolio of chart-topping video games.
- For the year ended December 2020, Tencent raked in US$73.9 billion in total revenues. Most of that amount came from its value-added services (VAS) segment, which includes virtual offerings such as video games and social media.
Editing by Collin Furtado and Eileen C. Ang
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