Chinese Search Engine Pays $1.9 Billion for App Store
Chinese internet search behemoth Baidu today announced it has fully acquired 91 Wireless, a top Chinese mobile application storefront, for $1.9 billion.
Baidu acquired NetDragon’s 57.4-percent stake and bought the remaining stake from shareholders. If the price sounds high, consider that Baidu and 91 Wireless racked up an average of 69 million downloads daily in the month of July. That’s roughly the equivalent of the 800 downloads per second Apple’s App Store reported earlier this year.
As Bloomberg put it, the deal values 91 Wireless at nearly double the market value of Barnes & Noble.
In a press release, 91 Wireless CEO Joe Wu said, "91 Wireless has built up a broad and loyal developer base over the years, and synergies with the Baidu platform, like access to Baidu's vast traffic resources and sophisticated cloud infrastructure, should accelerate our already impressive growth.”
Started in 2007, 91 Wireless has accumulated more than 10 billion app downloads.