Ele.me Acquires Rival Baidu Waimai For $800M

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Ele.me, China’s leading online food delivery and local services platform says it has acquired Baidu Waimai, the food delivery arm of Internet giant Baidu Inc. for US$800 million. The price represents a significant discount from Baidu Waimai’s previously rumored price of US$2 billion just last year, indicating how the food delivery app business is under intense competitive pressure and how desperate Baidu is in disposing the unit.

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