YY Inc. recently revealed in its latest financial report that the company has completed full acquisition of the overseas video social platform BIGO Technology Pte. Ltd. for about USD1.45 billion.
Before the acquisition, YY already owned about 31.7% shares of BIGO. During the acquisition, YY acquired the remaining 68.3% shares, including those held by YY's chairman and CEO Li Xueling.
It is said that the transaction has been approved by the board of directors of YY and all delivery conditions have been met. Lazard served as financial consultant of the transaction.
According to public files, BIGO was established in Singapore in 2014 and it focuses on pan-entertainment and social sectors like live broadcast and short video. BIGO owns a live broadcast platform BIGO Live and a short video social platform LIKE, in addition to many social app products. By the end of 2018, it had 69 million monthly active users around the world.
