BENGALURU: China’s Baidu Inc said it will sell a majority stake in its financial services business for about US$1.9bil to a consortium led by TPG Capital Management LP and Carlyle Group LP, as it seeks funding to take on established fintech firms in China.
The investment will give Baidu the heft it needs to narrow the lead that rivals Alibaba Group Holding Ltd and Tencent Holdings Ltd have taken in financial services, and help Baidu’s push to seek revenue streams outside its core internet search business.
Already a subscriber? Log in.
Limited time offer:
Just RM5 per month.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!