YY, China’s live streaming company, has announced the full acquisition of Bigo, Singapore-based company that brings Bigo Live and short-video service Like. YY dropped the news in the official announcement yesterday, that stated the company has bought the remaining 68.3 per cent of Bigo’s outstanding shares for US$1.45 billion.
In June last year, YY said it has secured the purchase right for a majority share in the company, and now it has followed through with the full acquisition, as reported by Techcrunch.
The acquisition is believed will propel YY to international level as the live streaming company since China has been crammed with eSports streamings like Huya and Douyu.
YY was founded in 2005 by Chinese journalist Li Xueling or David Li, at the time where mobile-based live streaming apps were in its infancy. Li then continued with the founding of Bigo in 2016 with the intention to replicate the viewers rewarded-revenue model YY has outside China.
“We are very excited to announce the completion of the acquisition of Bigo. It is an important milestone for YY group,” said Li of YY in a statement.
Bigo has presences in over 100 countries worldwide and claims to have 200 million registered users to date despite multiple reports that it has been a platform that give access to offensive content for its viewers.