Exclusive-China is unlikely to approve Baidu's $3.6 billion purchase of JOYY's YY Live -sources
Information about Exclusive-China is unlikely to approve Baidu's $3.6 billion purchase of JOYY's YY Live -sources
By Julie Zhu
HONG KONG (Reuters) – China’s antitrust regulator is unlikely to approve Baidu’s $3.6 billion acquisition of JOYY Inc’s video-based domestic live streaming business YY Live, two sources with direct knowledge of the matter told Reuters.
This follows Beijing’s move to rein in gaming-related businesses and corporate expansion via deals, they said.
The Baidu-JOYY deal would be the latest multi-billion dollar transaction to stumble amid China’s broad crackdown on private companies, notably those in the internet sector, as Beijing seeks to control big data and break down monopolistic practices.
A failure of the Baidu deal could cast a shadow over a separate planned transaction to take Nasdaq-listed JOYY private that would have valued it at up to $8 billion, said the sources and two other sources who are …