China's Baidu to sell majority of financial services unit for $1.9 billion

(Reuters) - China's Baidu Inc said it will sell a majority stake in its financial services business for about $1.9 billion to a consortium led by TPG Capital Management LP [TPG.UL] and Carlyle Group LP, as it seeks funding to take on established fintech firms in China.

China's Baidu to sell majority of financial services unit for $1.9 billion
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