China’s Baidu to sell majority of financial services unit for $1.9bn

Deal gives web company heft against Alibaba and Tencent in fintech business. China’s Baidu Inc said it will sell a majority stake in its financial services business for about $1.9 billion 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 … https://s.nikkei.com/2reC9jT

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