China’s Baidu sells off takeout delivery to Alibaba

China

China’s largest search engine company, Baidu, another rival to Tencent, China’s largest Internet company is selling off its takeout delivery business to Alibaba-backed Ele.me.

According to the Wall Street Journal who cited people with the knowledge of the matter.

It is expected that the cash-and-stock deal will help Chinese search-engine giant stop sinking money into a costly business that hasn’t paid off.

The deal is said to be announced later this week, however, Baidu has not made a formal statement on the deal, neither has the company denied the reports.

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