Baidu, Inc. (NASDAQ: BIDU) and Renren  (NYSE: RENN)  jointly announced on August 23rd a definitive agreement that the former will acquire a certain number of newly issued ordinary shares of Nuomi Holdings Inc., a wholly-owned subsidiary of Renren, representing approximately 59% of the equity interest in Nuomi, for $160 million in cash. The deal is expected to be closed in the fourth quarter of 2013.  

Source: TechNode