Qihoo Goes Private For $9.3B, Joining Other Chinese Firms That Have Delisted From The U.S. Stock Market

Qihoo, a Beijing-based developer of security software and Internet browsers, announced on Friday that it will go private in a deal worth $9.3 billion. As Reuters notes, this makes Qihoo the latest in a growing list of U.S.-listed Chinese tech firms that have decided to go private.

Qihoo held its initial public offering on NASDAQ in March 2011 as QIHU. The company’s plans to go private after four years of trading in the U.S. were first revealed in June, when chairman and chief executive officer Zhou Hongyi said he wanted to lead a buyout. The final deal will give investors a premium of 16.6 percent to the closing price of Qihoo’s shares of $66.05 on June 16, the day before it was notified of Zhou’s offer.

Bloomberg Business notes that 38 U.S.-listed Chinese companies received offers this year to go private, though only five have finished the buyout process so far. 

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