Internet
Chinese giant Tencent has submitted a $ 2 billion offer to buy the Sogou solution, the company of which is listed in the United States.
“League of Legends” (“LoL”) is part of the portfolio of Chinese entertainment giant Tencent.
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Tencent has set its sights on Sogou, Baidu’s direct competitor search engine that dominates the Chinese market. The Chinese firm Sohu said in a statement released Monday evening that it had received a takeover proposal from the Chinese entertainment heavyweight.
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Under the terms of the proposed transaction, Tencent is offering a unit price of $ 9 per share to acquire the 60.8% stake in Sogou that it does not yet own. Sohu said he was studying the offer. The takeover proposal pushed Sogou stock up 48% on Monday on the Nasdaq. Listed since 2017 on the New York Stock Exchange, the company weighs some 3.3 billion dollars (2.8 billion euros).
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Tencent, one of the Chinese digital giants, has for a time rivaled Facebook in terms of stock market weight. The private group is the owner of WeChat messaging, which has become essential in China with more than a billion users and games such as “Clash of Clans” and “League of Legends”.
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The announcement comes as Chinese companies listed in the United States come under increased scrutiny, amid a commercial and technological rivalry with Beijing.
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China is also encouraging its companies to now instead choose places in Hong Kong or Shanghai to raise funds.
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Last month, Chinese e-commerce giant JD.com, already listed in the United States, made a big splash on the Hong Kong Stock Exchange, raising some 3.5 billion euros on its first day. listing.
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