Baidu purchases Apps store 91 Wireless Websoft for $1,9B

Baidu purchases Apps store 91 Wireless Websoft for $1,9BThe largest in amount of traffic and revenue search service in China Baidu will acquire 57,41% of the mobile applications store 91 Wireless Websoft. Deal cost is $1,9B.

In future Baidu plans the full store acquisition – the rest 42,59% of shares the Baidu plans to buy out from minority shareholders till the end of 2013, and will spend at it $840M.

In Baidu consider that acquisition of 91 Wireless allows strengthening positions of a search service on the market of mobile games and applications, and provides one more channel of own developments and services for mobile devices delivery.

According to the store owner – the portal NetDragon Websoft – half of earnings from sale will be directed at special dividends payout to shareholders of the company, 20% - invested in development and launch of online and mobile games. The rest 30% will be distributed by equal parts between future acquisitions of mobile games developments, department of developments and daily need of the company.