"Finance" reporter was informed that the acquisition of an important promoter is Ali. The acquisition of Baidu takeaway money is also given by the Ali side. The amount of money is hungry, the G1 round of financing, the amount of 1 billion US dollars, of which 200 million US dollars to pay for the acquisition of Baidu take-away cash
August 24, 20:10 am, Baidu takeout will be held within the meeting, hungry, founder and CEO Zhang Xuhao led several executives to join. A Baidu Group, said the meeting is hungry and high-level meeting with Baidu take-off staff will be announced that Baidu takeaway, hungry what the merger. At the same time, an internal letter from Monday onwards will be issued today.
A Baidu takeaway stakeholders said Ali to provide the financing of the acquisition, Baidu takeout temporarily independent operations, high-level and corporate structure unchanged.
Successively with the US group, Shun Feng negotiations failed, Baidu takeaway new buyers hungry in the last month gradually surfaced, the two sides have recently signed an agreement. This means that Baidu takeaway buyers looking for a year after the end of the results, take-away market and thus enter the double strong hegemony of the new pattern.
August 21, 2017, "Financial" reporter exclusive disclosure of Baidu takeaway transaction details: Baidu take away to 500 million US dollars to sell, Baidu packaged traffic import resources to hungry, the price of 300 million US dollars, so the total purchase price is 800 million The dollar. $ 800 million in cash $ 200 million in cash, hungry Mody shares $ 300 million, after the completion of the transaction Baidu hungry shares 5%, the remaining $ 300 million lock-up period of five years. In addition, Baidu takeaway brand to keep 18 months to use hungry.
In this transaction, both sides have a clear request. For Baidu, the shot is more for the strategic focus and "slimming"; for hungry, the acquisition is fancy Baidu takeout market share, and its occupied white-collar market segments. The two will be integrated, will play 1 +1 is greater than 2 or less than 2 results, and the impact of the pattern of take-away market, how much will be the next stage.
According to "Finance" reporter to understand that the acquisition of Ali is one of the important promoter, in the acquisition of Baidu takeaway after the completion of Ali will further promote hunger, Baidu takeout and the integration of word of mouth. "Ali is ready to fight a protracted war. One with Baidu, the US group, hungry three companies have in-depth contact with the industry, said the surface, this is a hungry Mody acquisition of Baidu takeaway, but the essence of Ali and the US team to upgrade the war.
"Based on the overall strategic direction of the new company, O2O stripped the peel, the integration of the integration. "Internet analyst, former Forbes Chinese version of the deputy editor Yin Sheng to describe the Baidu O2O business is facing the adjustment.
From the second half of last year, Baidu Group, AI as the main focus of development, the Group of the branch business to re-sort out, including O2O. Among them, Baidu glutinous rice was placed under the large search system, and Baidu search to do the integration; Baidu takeout has been looking for buyers.
Baidu take the lead in the sale of Baidu investment and acquisition sector, the department by Ma Dongmin (Melissa Ma) is responsible for. She at the beginning of 2017 and Baidu Group President, COO Lu Qi over the same period airborne Baidu, the arrival of the two to speed up the Baidu internal business carding and integration.
Baidu takeout in the market to find a number of buyers, one of the well-known is SF. Shun Feng has been in the take-away distribution on the positive performance, in the hey off, Shun Feng is not successful in the context of the election, still hope that by O2O corner overtaking. February 24, 2017, Shun Fung Holdings completed the listing in the Shenzhen Stock Exchange, Shun Feng's intention to invest Baidu take-off significantly strengthened.
According to "Finance" reporter was informed that Baidu take-off and Shunfeng in accordance with the financing negotiations, SF to 200 million US dollars stake Baidu takeaway, in addition to including and Baidu Group's package agreement. But then Baidu adhere to its latest financing valuation of 2.4 billion US dollars of the price, coupled with the "package agreement" unsuccessful, probably in the two months between the negotiations fell. Since then, Baidu takeaway began to contact with hungry, and eventually reached an agreement.
Huaxing Capital also match the Baidu takeout sold to the US group comments. But a person close to the transaction, "Finance" reporter said the US group that Baidu takeaway in the national market share of the smaller, the two sides of the merger value is not. "Unless the price is low enough, otherwise it will not be considered. & Rdquo;
US group commentary vice president and take-away and distribution business unit general manager Wang Pu in the "financial" reporter said,
US group commented that the Baidu Group is more like to deal with assets, rather than seeking strategic cooperation. "We are not so interested in this way. & Rdquo;
An industry veteran said that Baidu take-off and the US group take-away business coincidence is high. In addition to price factors, the two sides did not talk about the reason is that, for the US group takeaway, the acquisition of Baidu takeaway the significance of small, and Baidu also did not provide attractive assets and the US team in-depth cooperation.
What is the intention of hungry?
Many people close to hungry who told the "financial" reporter, hungry what Baidu takeaway market share and high-end market - the latter is hungry what is missing.
The acquisition of the takeover market structure of the direct impact of reference to different market share there are different versions of the argument. According to Baida consulting 2017 Q1 take-away market report, hungry what market share of 36.5%, the US group take-off 33%, Baidu take-away 17.3% - hungry official approval of the data.
According to the US version of the official approved version of the report released in May 2017, the US group take-away, hungry, Baidu take-off monthly coverage were 1.23%, 0.97% and 0.20%. According to the US group, the US group take away the market share of 60% from top to bottom, hungry what is 36%, Baidu takeaway from last year's 17% -18% down to the current 4% -5%.
According to the hungry side of the data, the merger is completed after the hunger + Baidu takeaway market share directly more than 50%; if the US group based on data, the merger has little effect on the market structure.
Yin Sheng on the "Financial" reporter said, Baidu takeaway user experience is good, focus on white-collar market segments, but into the mass market pressure; and hungry flow, is a comprehensive entrance. The combination of both can be rich and hungry what services, but also allows Baidu takeout focus on differentiation. "Key to see the original intention of merging is aimed at Baidu takeaway market segments, and then enrich its strategy, or just to destroy Baidu take away the opponent. "He thinks the former has the chance to make the 1 + 1 effect greater than 2, which may make 1 + 1 less than 2.
"If they are well integrated, it is possible to take the opportunity to consolidate their barriers to market segments, while in the mass market and continue to maintain the state with the United States stalemate, so there may be slowly change its cost structure , Make a profit trend. "Said Yinsheng.
But a number of industry insiders accept the "financial" interview, said they think the integration is more difficult.
One O2O practitioner for many years said that one of the difficulties lies in the partners. In the same city, Baidu takeout agents, hungry what is straight, these agents go from where they need to give a solution. Shunfeng is an important partner of Baidu takeaway, both in Beijing, Shanghai, Guangzhou, Shenzhen, Hangzhou, more than a dozen cities have distribution business cooperation. "After the acquisition of Baidu takeaway, Shun Feng, Baidu and Ali will become subtle relationship between the relationship. "Said the practitioner.
The industry veteran that hungry can only use Baidu takeaway brand 18 months, which means that since then Baidu takeaway brand needs to be converted into hungry, how to let consumers understand the brand conversion is also a challenge. In addition, the two sides previously given the user rights (including members), and business contract terms, fees, subsidies, etc. are not the same, how to integrate, these are to step on the pit.
"The most important thing is the organizational structure of the adjustment, the staff will be redundant. "The O2O practitioners said. According to the aforementioned Baidu Group, said Baidu takeaway employees will be translated, there will not be much volatility.
A person close to Baidu takeaway said that now Baidu take away all the people are waiting for the placement of staff instructions, in addition to the top there is no one knows the results.
"Finance" reporter learned that the acquisition of Ali full participation, the acquisition of Baidu takeaway money is also given by the Ali side. This money is counted as a hungry G1 round of financing, amounting to 1 billion US dollars, of which 200 million US dollars to pay for the acquisition of Baidu takeout cash part.
Ali was twice hungry hungry it? The first time in April 2016, Ali and ants gold clothes to 1.25 billion US dollars to become the largest shareholder of hunger, for the hungry F round of financing; then in April 2017, Ali to 400 million US dollars Investment hungry, what is hungry M round financing.
"Finance" reporter was informed that, plus the investment of 1 billion US dollars, Ali accounted for 37% of hungry shares, compared with Zhang Xuhao personal shares below 5%, founding team shares in about 8%.
Baidu takeout stakeholders told the "financial" reporter, the industry there is a saying, Baidu take-off delivery is completed, after the inside of Ali hungry, Baidu takeout and reputation of the three integration, a comprehensive attack US team. "Financial" reporter hungry what founder Zhang Xuhao proof of the above statement, Zhang Xuhao said "impossible" and "rdquo ;.
A person close to Ali said that this choice has a certain rationality, because the big food, logistics and new retail should have a better integration relationship, and now Ali is still scattered inside & mdash; word of mouth, box horse fresh , Rookie logistics, hungry, I point up. "It is fragmented in the equity above, it is difficult to form a real force together." Integration is inevitable, just to see how their courage, is not as soon as possible to do the adjustment. & Rdquo;
Wang Pu believes that the possibility of integration of the three exist. "US group take-away and buy a synergistic advantage, Ali may be hungry with the word of mouth together, or hungry it is impossible to compete with the US group take away." "He said.
In his view, takeaway is not just takeaway, takeaway war is divided into three stages: the first stage is the takeaway business run, verify the business model, this stage in 2013 to 2016 to complete; the second stage is the Business into a lifestyle, integration of food, flowers, fruit, cake, fresh, etc., which is nearly two to three years of the task; and the third stage is shaping the entire industry. "For the user, he saw the takeaway, in fact, he enjoyed the whole US regiment behind the ability to shape the industry." & Rdquo;
The industry veteran said, do not rule out the transaction is hungry, passive response to the US group's behavior, but if the transaction is completed, and then word of mouth integration, that Ali ready for a protracted war. According to "Finance" reporter to understand, hungry what the current monthly savings of about 100 million US dollars from top to bottom.
The rumors have not yet been officially confirmed, but it is certain that when Baidu take-off delivery consolidation is completed, Ali and the US group of war will usher in a comprehensive upgrade.
("Finance" reporter Zhang Jun / text Song Wei / editor)