Baidu's Purchase of App Store 'Aimed at Boosting Mobile Business'

(Beijing) – Analysts say Baidu Inc.'s nearly US$2 billion deal for a domestic app store is intended to boost its mobile Internet business, closing the gap with rival Qihoo 360 Technology Co.

If completed, Baidu's deal for the app store – named 91 Wireless – will surpass the US$ 1 billion Yahoo! Inc. paid for a stake in Alibaba Group in 2005, making it the largest ever Net acquisition deal in China.