Sogou finalizes merger with Tencent
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E-mail chinadaily.com.cn, September 24, 2021
The country's second-largest search engine Sogou Inc announced on Friday the completion of its merger with internet giant Tencent Holdings Ltd.
The enterprise has now become a privately-held company wholly-owned indirectly by Tencent and will delist from the New York Stock Exchange.
In July, the State Administration for Market Regulation unconditionally approved Tencent's acquisition of Sogou, according to an announcement from the administration.
Sogou also announced it has requested that trading of its American depositary shares or ADSs on NYSE be suspended and that its acquisition by Tencent went through at the agreed price of $9 per share.
Sohu.com Ltd, China's leading online media, video and gaming business group, which holds 33.8 percent stake in Sogou, said it will receive gross consideration of about $1.18 billion in cash from the deal, and no longer has any ownership interest in Sogou.
Founded in 2004, Sogou has grown to become the second-largest search engine by mobile queries, with a wide range of innovative products and services, including the Sogou input method, which is the largest Chinese language input software for both mobile and PCs.
The company made its debut on the US bourse in November 2017 and raised $585 million at $13 per share.
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