Baidu.com (NASDAQ:BIDU), the Chinese tech company, has officially called off its intended US$3.6 billion acquisition of JOYY Inc's live-streaming business in China, as disclosed in a filing with the Hong Kong stock exchange on Monday.
The initial proposal to acquire JOYY's Chinese live-streaming business, YY Live, was made in 2020.
Baidu affiliate Moon SPV Ltd terminated the share purchase agreement with JOYY due to it failing to meet conditions for closing the deal by the end of 2023.
These conditions included securing necessary regulatory approvals from government authorities.
In 2021, Reuters reported that China's antitrust regulator was likely to oppose the deal, reflecting Beijing's push for increased control over firms collecting substantial consumer data and a crackdown on monopolistic practices.
JOYY, a prominent Chinese social live-streaming platform with 277 million global monthly active users, has stated that it is seeking legal advice and exploring all options in response to the cancellation of the deal.