JOYY Inc. Announces Sale of YY Live
11.18.20
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Simpson Thacher is representing JOYY Inc. (NASDAQ: YY) in connection with the sale of its video-based entertainment live streaming business in China (commonly known as “YY Live”) to Baidu, Inc. (NASDAQ: BIDU) for an aggregate purchase price of approximately US$3.6 billion in cash, subject to certain adjustments. The closing of the transaction is expected to occur in the first half of 2021.
JOYY Inc. is a global video-based social media platform. Baidu, Inc. is a leading search engine, knowledge and information centered Internet platform and AI company.
The Simpson Thacher team includes Yang Wang, Jun Feng and Kate Duan (Beijing – M&A); Patrick Naughton (New York – M&A); Mark A. Brod (New York – Capital Markets); and Yi Gao (Hong Kong – Capital Markets).