Tencent pays $448 million for Sogou stake

China’s online battle heats up as the country's biggest internet group, which on Monday saw its market capitalisation surpass US$100bn for the first time, says it will merge its Soso search business with its rival.

Tencent pays $448 million for Sogou stake

Tencent, the Chinese internet group, has taken a 36.5 per cent stake in domestic rival Sogou, further expanding its reach at a transformative time for the country’s internet industry.

China’s biggest internet group, which on Monday saw its market capitalisation surpass US$100bn for the first time, paid US$448 million for the stake and merged its Soso search business with its new partner.

Tencent’s stake could increase to 40 per cent...

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