BEIJING (dpa-AFX) - Baidu Inc. (BIDU) has terminated its $3.6 billion acquisition of JOYY Inc.'s (YY) China live-streaming business, citing unmet closing conditions as of the end of 2023. The conditions included obtaining necessary regulatory approvals from governmental authorities.
JOYY Inc., formerly known as YY Inc., confirmed Monday that it is seeking legal advice and will consider all options at its disposal in response to a written termination notice from Baidu.
In November 2020, Baidu agreed to acquire JOYY's domestic video-based entertainment live streaming business ('YY Live'), which included the YY mobile app, YY.com website, and PC YY, among others, for an aggregate purchase price of about $3.6 billion in cash.
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