Shares of Chinese online media, video, search and gaming business group, Sohu.com Limited (SOHU) are rising more than 11% Tuesday morning on the news of Sogou, a unit of Sohu.com being taken over by tech giant Tencent.
Sohu said, Sogou Inc. (SOGO) has entered into a definitive Agreement and Plan of Merger with THL A21 Limited, TitanSupernova Limited, and Tencent Mobility Limited, all units of Tencent Holdings Limited.
Upon merging, in an all-cash deal, Sogou will become an indirect wholly-owned subsidiary of Tencent. The company also said that Sohu.com and Sohu Search have entered into a share purchase agreement with TitanSupernova.
As per the deal, Sohu Search has agreed to sell all of the Sogou Class A ordinary shares and Sogou Class B ordinary shares owned by it to TitanSupernova at a purchase price of $9.00 per share, which is equal to the per-share Merger Consideration under the merger agreement. Upon completion of the share purchase, Sohu Search will receive aggregate consideration of about $1.18 billion in cash, and Sohu will no longer have any beneficial ownership interest in Sogou.
SOHU is currently trading at $20.10. It has been trading in the range of $5.41- $25.71 in the past 52 weeks.
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