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Business & Finance

Reuters first to report China set to clear Tencent’s $3.5 bln Sogou deal subject to data security conditions

Reuters was first to report China’s antitrust regulator is ready to clear tech giant Tencent Holdings Ltd’s plan to take the country’s no.3 search engine, Sogou, private. The regulator, State Administration of Market Regulation (SAMR), has no objection to the $3.5 billion deal for the 60% of U.S.-listed Sogou that Tencent doesn’t already own, as long as Tencent is willing to set up a special mechanism to ensure data security – a first for SAMR deal approvals. Shares of Sogou rose strongly in premarket trading after the report was published. 

Article Tags
Topics of Interest: Business & Finance
Type: Reuters Best
Sectors: Equities
Regions: Asia
Countries: China
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Important Regional Story
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