BEIJING, Sept. 29, 2020 /PRNewswire/ — Baidu, Inc. (NASDAQ: BIDU) (“Baidu” or the “Company”), a leading search engine, knowledge and information centered Internet platform and AI company, today announced that its Smart Living Group (“SLG”) has entered into definitive agreements with CPE, Baidu Capital and IDG Capital for Series A financing at a post-money valuation of approximately RMB 20 billion, or $2.9 billion, (“Transaction”). SLG operates DuerOS voice assistant and DuerOS-powered smart devices.
The Transaction is subject to certain closing conditions and is expected to be completed in the fourth quarter of 2020. Upon the completion of the Transaction, Baidu will hold super voting rights in SLG and is expected to continue to consolidate the financial results of SLG, as a majority shareholder.
“We are pleased to see the rapid growth of SLG since inception in 2017, to become a leading player in China (and globally) in