Dec
12
Baidu Said to Buy Stake in Uber, Helping App Expand in China
Posted in: Uncategorized
Baidu is buying a minority stake in Uber, giving the car-booking company a boost as it expands in China, according to a person familiar with the matter.
Uber will receive cash and non-cash assets, including Baidu’s online resources as owner of China’s biggest internet search engine, the person said. The investment may be worth as much as $600 million, China National Radio reported earlier.
Baidu’s investment gives the search company a slice of the market in China that has been dominated by startups backed by Alibaba Group and Tencent Holdings, the nation’s biggest internet companies. Uber is expanding in China and hiring in 14 cities, according to a July 1 LinkedIn post.
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