China’s top market watchdog approved Tencent’s plan to privatize search-engine affiliate Sogou, as the country’s tech giants face heightened antitrust scrutiny
China’s top market watchdog approved Tencent Holdings Ltd. ’s plan to privatize search-engine affiliate Sogou Inc. in a deal valued at around $2 billion that comes as the country’s technology giants face heightened antitrust scrutiny.
The unconditional blessing announced Tuesday by the State Administration of Market Regulation is likely a relief for Tencent, after the regulator last weekSogou, listed on the New York Stock Exchange, is a rival of Baidu Inc., China’s largest search-engine service provider. Tencent, which owns 39% of Sogou and controls more than half of its voting rights, proposedTencent’s shares jumped, rising 3.8% by early afternoon Tuesday in Hong Kong to 555 Hong Kong dollars, the equivalent of $71.
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