Chinese regulator State Administration of Market Regulation (SAMR) is set to clear Tencent’s (OTCMKTS: TCEHY) deal with Chinese tech company Sogou (NYSE: SOGO). Tencent will acquire 60% of Sogou for $3.5 billion and take the company private.
According to Reuters, Tencent will need to set up a special mechanism to ensure data security. The tech giant will also be required to pay a fee of 500,000 yuan, or about $76,000 for failing to properly report deals to the correct authorities for an anti trust review. Recently, Beijing has been working more to “crack down” on the “growing monopoly of internet giants”.
Last year, Tencent announced its plan to merge China’s two largest online streaming platforms, Huya (NYSE: HUYA) and DouYu (NASDAQ: DOYU). H…