Baidu to buy Chinese app store for US$1.9b

Baidu, China’s top search engine, plans to acquire app store 91 Wireless for US$1.9 billion (HK$14.7 billion) to strengthen its foothold in the country’s highly competitive mobile computing sector.

Baidu will buy a 57.4 per cent stake in 91 Wireless, one of China’s earliest appstores, from NetDragon Websoft for US$1.09 billion, and the remainder from other shareholders, both companies said on Tuesday.

via Business feed http://www.scmp.com/business/companies/article/1283872/baidu-buy-chinese-app-store-us19b