Chinese search giant Baidu (BIDU.NASDAQ) plans to buy a majority stake in domestic group-buying site Nuomi for US$160 million, Reuters reported. Baidu will take newly issued ordinary shares of Nuomi, the wholly-owned subsidiary of social network company Renren (RENN.NYSE), representing about a 59% stake, Baidu said in a statement on Friday. The potential deal signals Baidu’s ambition to strengthen its mobile business followed by the acquisition of mobile app store 91 Wireless Websoft.
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