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Baidu Inc. has called off its deal to buy Joyy Incorporated's China-based live streaming unit. The latter is a global video-based social media platform, and the said Chinese tech company specializing in Internet-related services and products will no longer acquire its live broadcasting division.
Baidu Inc. said it has terminated its $3.6 billion acquisition deal with Joyy Inc., which was announced on Monday, Jan. 1, through a filing with the Hong Kong Stock Exchange (HKEX). According to Reuters, the deal's collapse clouds up Baidu's goal of diversifying its revenue. It proposed to buy YY Live, Joyy's entertainment livestreaming business in China, in 2020.
Scrapped Purchase Agreement
Moon SPV Limited, a Baidu affiliate, is the one that canceled the company's share purchase agreement with Joyy. It explained that due to the conditions of closing the deal YY Live provided, it has decided not to continue with the acquisition.
In its exchange filing this week, Baidu said it is not fully satisfied with the conditions. CNN Business further reported that the negotiations ended up to nothing as some conditions were not met on the final deadline set on Dec. 31. In any case, one of the terms also included securing required regulatory approvals from governmental regulators.
Hitting a Roadblock for Its Goal of Expansion
The termination of the multi-billion deal dampened Baidu's bid to expand its livestreaming division in China further. In connection with the cancellation of the agreement, Joyy released a statement saying Baidu's affiliate had already notified it on Monday.
Joyy Inc. added that Baidu also asserted its right to cancel the transaction in the notification. Meanwhile, the company said. It is now seeking legal advice for the failed transaction.
Photo by: Simone Brunozzi/Flickr(CC BY-SA 2.0)
