It plans to offer 125 million American depositary shares priced at US$17 to US$19 each, the company said in a filing to the US Securities and Exchange Commission. Underwriters have an option to sell an additional 18.75 million shares, which if exercised in full could bring the value of the deal to about US$2.7bil.
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.
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