Comment on Baidu to Acquire Renren’s Remaining Stake in Group-buying Service Nuomi by Renren: The Failed "Facebook of China" - TechNode

['Tracey Xiang', 'More Tracey Xiang', '.Wp-Block-Co-Authors-Plus-Coauthors.Is-Layout-Flow', 'Class', 'Wp-Block-Co-Authors-Plus', 'Display Inline', '.Wp-Block-Co-Authors-Plus-Avatar', 'Where Img', 'Height Auto Max-Width', 'Vertical-Align Bottom .Wp-Block-Co-Authors-Plus-Coauthors.Is-Layout-Flow .Wp-Block-Co-Authors-Plus-Avatar'] Comments for TechNode 2014-01-24 00:00:00

Baidu, the Chinese search giant, has acquired 59% of Nuomi, the group-buying service under Renren. The Chinese social networking service provider announced today that Baidu would purchase Renren’s remaining stake in Nuomi. The Renren announcement says the deal will be closed in the first quarter of 2014. For Baidu, the merchants that have signed up to Nuomi platform can be leveraged by its ambitious map-based local lifestyle service project. Derek Shen, former VP of Renren and the founding leader of Nuomi, left Renren after the announcement of the Baidu deal.