(Yicai Global) March 5 -- Chinese live-streaming giant YY has acquired Singapore's Bigo Technology, which owns video platforms Bigo Live and Like, to expand its influence overseas.
YY has paid USD1.5 billion, including USD343 million in cash and the rest in share swap, to purchase over 68 percent of Bigo's equity, the Guangzhou-based buyer said in a statement. YY already owned the remainder after participating in Bigo's fourth funding round last June.
The move is an important milestone for YY in its globalisation strategy, Chief Executive Li Xueling said. "The combination of YY's and Bigo's unparalleled businesses and services in both China and overseas will enable us to create enhanced live streaming content, expand our global footprint, and offer world-class user experiences for our global user community."
Founded in 2014, Bigo has 69 million monthly active users globally, including the regions of Southeast Asia and the Middle East.
YY's stock price [NASDAQ: YY] rose 1.64 percent to USD72.04 yesterday.
Editor: Emmi Laine