Baidu has called off a $3.6 billion deal to buy JOYY’s video-based entertainment live-streaming business in China.
As of the end of December, the closing conditions for the share purchase agreement had yet to be fully satisfied, Baidu said in a filing late Monday.
Some of the closing conditions in the share purchase agreement included obtaining regulatory approvals from governmental authorities.
“The company seeks to discuss with JOYY the next steps following the termination of the share purchase agreement,” the Chinese tech company said.
In a separate statement Monday, Nasdaq-listed JOYY said it is seeking legal advice and will consider all options in response to Baidu’s notice to terminate the deal.
JOYY announced the deal nearly four years ago, under which Baidu’s acquisition would have included the YY mobile app, YY.com website, and PC YY.
The Nasdaq-listed company operates several social products, including Bigo Live, Likee for short-form videos, Hago for multiplayer social networking, and an instant messaging product.