Chinese market regulator approves Tencent’s $ 3.5 billion deal to privatize Sogou

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A Tencent sign is seen at the World Internet Conference (WIC) in Wuzhen, Zhejiang province, China on October 20, 2019. REUTERS / Aly Song

July 13 (Reuters) – China’s competition regulator unconditionally approved on Tuesday a plan by Tencent Holdings Ltd (0700.HK) to privatize the country’s No.3 search engine, Sogou Inc (SOGO.N), in the part of a $ 3.5 billion deal.

Reuters had reported pending approval in April by the State Administration of Market Regulation (SAMR). Read more

The deal, announced in September, called for Tencent to buy the 60% of US-listed Sogou it did not already own, making it the latest Chinese company to leave US markets amid tensions between the two. largest economies in the world.

Report by Pei Li in Hong Kong; Editing by Muralikumar Anantharaman

Our Standards: The Thomson Reuters Trust Principles.

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