TPG, Carlyle to buy majority of Baidu financial services unit for $1.9 bln

Baidu Inc said April 29 that it is selling a majority of financial services business to an investor group led by TPG and Carlyle Group for about $1.9 billion. Baidu will have 42 percent of the unit, renamed Du Xiaoman Financial, which provides consumer credit, wealth management and other financial services. Other investors include Taikang Group and ABC International Holdings.

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