Deals
Qihoo Investors Target August Close for $9.3 Billion Buyout
- Chinese regulator requires funds to be transferred in batches
- Investors earlier aimed to complete biggest buyout by end-June
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Qihoo 360 Technology Co., owner of China’s second-biggest search engine, said the investors behind its $9.3 billion buyout expect to close the deal before mid-August, missing an initial completion target.
The consortium, led by Qihoo Chairman Zhou Hongyi, is “continuing to work diligently” toward satisfying the remaining deal conditions, according to a statement distributed by PRNewswire on Tuesday. Qihoo said in December it expects the deal to close in the first half of 2016, and last month it announced the buyer group reported its work toward completing the acquisition was progressing “as expected.”