Baidu buys Brazilian discounter
Chinese internet search engine company Baidu has taken a controlling stake in a Brazilian online discount voucher business.
Baidu, the world’s number two internet search engine behind Google, sees the investment in Peixe Urbano as a strategic move into the fast-growing – and largest – of the Latin American economies.
The business will continue to be run by CEO and co-founder Julio Vasconcellos, operating as a standalone business within Baidu.
Neither the value of the deal or the exact percentage holding have been revealed by either party.
Peixe Urbano is headquartered in Rio de Janeiro and boasts more than 20 million customers and 30,000 merchants.