share_log

Baidu | 6-K: Termination of the Share Purchase Agreement with JOYY Inc.

SEC announcement ·  Jan 2 00:00
Summary by Moomoo AI
Baidu, Inc. has officially terminated its Share Purchase Agreement with JOYY Inc. as of January 1, 2024. The agreement, initially signed on November 16, 2020, involved the acquisition of JOYY's domestic video-based entertainment live streaming business in China by Baidu's affiliate, Moon SPV Limited. The termination was executed by Moon SPV Limited, an affiliate of Baidu (Hong Kong) Limited, after the deal failed to meet the necessary closing conditions by the long stop date of December 31, 2023. These conditions included obtaining regulatory approvals from governmental authorities. Baidu, Inc. is now in discussions with JOYY Inc. to determine the future course of action following the termination of the agreement.
Baidu, Inc. has officially terminated its Share Purchase Agreement with JOYY Inc. as of January 1, 2024. The agreement, initially signed on November 16, 2020, involved the acquisition of JOYY's domestic video-based entertainment live streaming business in China by Baidu's affiliate, Moon SPV Limited. The termination was executed by Moon SPV Limited, an affiliate of Baidu (Hong Kong) Limited, after the deal failed to meet the necessary closing conditions by the long stop date of December 31, 2023. These conditions included obtaining regulatory approvals from governmental authorities. Baidu, Inc. is now in discussions with JOYY Inc. to determine the future course of action following the termination of the agreement.
Helpful
Not Helpful

This announcement is a separate document:

Doc 1

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more