Baidu plans to buy stake in NetDragon unit for $1 billion

HONG KONG (Reuters) - Chinese search engine giant Baidu Inc plans to buy a majority stake in NetDragon Websoft Inc's subsidiary 91 Wireless for $1.09 billion, NetDragon said on Tuesday. 91 Wireless will also be spun off and listed on Hong Kong's secondary Growth Enterprise Market, NetDragon said in a statement on the Hong Kong stock exchange. For a copy of the statement, please click: http://www.hkexnews.hk/listedco/listconews/sehk/2013/0716/LTN20130716055.pdf (Reporting by Twinnie Siu and Lee Chyen Yee; editing by Miral Fahmy)

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