YY, the Nasdaq-listed Chinese live streaming giant, acquires Bigo Inc for $1.45 billion. YY which owned 31.7% shares in Bigo, as per reports captured the remaining shares to mark the complete acquisition of the latter.
Bigo Inc, the Singapore-based startup owning “Bigo Live” and “Like”, has a demanding presence in the Asian countries and is planning further to expand globally. Presently, Bigo witnesses monthly active users close to 37 million people worldwide with an average use-time of 40 minutes daily.
David Xueling Li, CEO of YY, said, “ We are very excited to announce the completion of the acquisition of Bigo. It is an important milestone for YY group which demonstrated our confidence and commitment to the globalization strategy”.
The combination of YY’s and Bigo’s unparalleled services will enable the Chinese live streaming giant to create enhanced & engaging content, contributing to global expansion. Earlier in June, YY invested $272 million in a series D funding round for Bigo Inc.