Skadden, K&L Gates lead as Baidu takes stake in group-buying site

legalweek

Skadden Arps Slate Meagher & Flom and K&L Gates were lead advisors as Chinese social networking company Renren agreed to sell shares of its Groupon-like subsidiary Nuomi Holdings to Chinese internet search giant Baidu. The deal, which remains subject to approval, will see Baidu take a 59% equity interest in Nuomi for a purchase price of $160m, giving it a bigger share of China’s fast-growing group-buying market.