China market regulator approves Tencent’s $3.5 billion deal to take Sogou private
FILE PHOTO: A Tencent sign is seen at the World Internet Conference (WIC) in Wuzhen, Zhejiang province, China, October 20, 2019. REUTERS/Aly Song
July 13, 2021
(Reuters) – China’s antitrust regulator unconditionally approved on Tuesday Tencent Holdings Ltd’s plan to take the country’s no.3 search engine Sogou Inc private in a $3.5 billion deal.
Reuters had reported the pending approval in April by State Administration of Market Regulation (SAMR).
The deal, announced in September, was for Tencent to buy the 60% of U.S.-listed Sogou that it didn’t already own, making it the latest Chinese company to exit U.S. markets amid tensions between the world’s two largest economies.