Baidu has signed a definitive agreement to acquire the online video business of PPS for US$370 million, demonstrating what the lead lawyer for China’s leading online search engine described as a period of high activity in the internet sector.
The purchase creates China’s largest online video platform by number of mobile users and video viewing time.
“The market has been active. We are seeing a high level of M&A interest and activity in the internet sector,” Miranda So, a Hong Kong-based partner at Davis Polk & Wardwell, told China Business Law Journal.
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