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Baidu Agrees to Buy Majority Stake in Nuomi for $160 Million
Baidu Inc. (BIDU), owner of China’s largest search engine, agreed to buy a majority stake in the e-commerce website operator Nuomi Holdings Inc. for about $160 million.
Beijing-based Baidu will buy about 59 percent of the operator of Nuomi.com from Renren Inc. (RENN), according to a PR Newswire statement. Nuomi had general merchandise sales of about $120 million in the second quarter, the companies said.