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Baidu Inc's Subsidiary Signs Definitive Agreement To Acquire NetDragon's Subsidiary 91 Wireless

Wednesday, 14 Aug 2013 04:30am EDT 

Baidu Inc announced that its wholly-owned subsidiary Baidu (Hong Kong) Limited has signed a definitive merger agreement to acquire a 100% equity interest in 91 Wireless Websoft Limited from NetDragon Websoft Inc. and other shareholders. 91 Wireless is one of the mobile app marketplaces and mobile game operators in China. In the month of July 2013, Baidu and 91 Wireless users in China together downloaded a daily average of 69 million apps. The majority of these were downloaded directly from mobile devices. Pursuant to the Agreement, through a merger, Baidu will acquire 100% of 91 Wireless in cash. This includes the 57.4% stake owned by NetDragon, and the remaining shares from other shareholders. According to the memorandum of understanding dated July 15, 2013, the merger consideration amounts to a total of USD1.90 billion. Having taken into account the conditional declaration of a special dividend in the aggregate amount of approximately USD52.06 million by 91 Wireless to its existing shareholders, the consideration is adjusted to an aggregate amount of USD1.85 billion in the Agreement. 

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