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Investing.com -- Baidu, Inc. (NASDAQ: NASDAQ:BIDU) has announced its acquisition of video-based entertainment live streaming business, YY Live. The business was previously owned by JOYY (NASDAQ:YY) Inc. and the transaction was completed for an aggregate purchase price of approximately US$2.1 billion.
As part of the deal, Baidu has regained approximately US$1.6 billion that was previously deposited into escrow accounts. This deposit was in line with a share purchase agreement that is no longer active. The funds have been fully released back to Baidu.
Baidu has revealed plans to invest the released funds into its cloud and AI infrastructure. The company’s move to acquire YY Live and its subsequent investment plan demonstrate its ongoing commitment to expanding its technological capabilities.
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