Nasdaq-listed Chinese live streaming social media giant, YY Inc. has bought Singapore-based rival Bigo for $1.4 billion in a move that chief executive Li Xueling says represents the group's intentions to focus internationally.
The transaction is made up of $343 million in cash with the remainder in the equivalent of YY’s shares.
YY has been the biggest shareholder of Bigo since its Series D funding round in June last year. It held a 31.7% stake while Li himself, as an early-stage investor, also held an undisclosed share.
Founded in 2014, Bigo owns its eponymous live streaming site and a...