Sogou and its parent company Sohu both published announcements, stating that Sogou has signed a final privatization agreement with THL A21 Limited, TitanSupernova Limited and Tencent Mobility Limited.
Sogou’s shares will be cancelled at a price of USD9 per share or ADS, and the transaction is expected to be closed in the fourth quarter of 2020.
According to the privatization agreement, Tencent’s subsidiary TitanSupernova Limited will merge with Sogou through an all-cash transaction. After the merger, Sogou will become an indirect wholly-owned subsidiary of Tencent.
In addition, Sogou’s parent company Sohu agreed to sell all its Class A common shares and Class B common shares of Sogou to TitanSupernova. Sohu is expected to receive approximately USD1.18 billion in cash and will no longer own any interest in Sogou thereafter.
Source: ChinaTechNews.com
