Skip to content
Subscriber Only

Tencent Hunt for Asian WhatsApps Fuels Deal Spree: Real M&A

As Facebook Inc. spends $19 billion on WhatsApp Inc., half a world away China’s Internet giants are in the middle of their own acquisition rush.

Tencent Holdings Ltd., Asia’s largest Internet company, Alibaba Group Holding Ltd. and Baidu Inc. are seeking targets to plug gaps across their businesses as they vie for China’s 618 million Web users. Citigroup Inc. sees the trio driving Internet-related deals in China to a record this year, adding to their 44 announced acquisitions since 2012 valued at $18.7 billion, according to data compiled by Bloomberg.