交銀國際:騰訊擬全資收購搜狗 料併入騰訊生態後在搜索業務有進一步協同
交銀國際發佈報告,騰訊(0700.HK)計劃收購搜狗的全部流通股,由於騰訊是搜狗第一大股東,與搜狐合計投票權96.4%,該行認為此次交易大概率將得以實施,搜狗將成為騰訊的全資子公司並從紐交所退市。
此次收購價對應搜狗21年市盈率20倍。搜狗搜索業務收入增長承壓,雙方已在業務多方達成合作,騰訊貢獻搜狗1/3流量,併入騰訊生態後與後者在搜索業務和AI語音領域有進一步協同,搜狗搜索收入佔騰訊廣告收入約10%,以互聯網行業廣告主(電商、遊戲)為主,騰訊或為搜狗搜索流量變現注入新血,有效調整搜狗收入結構。
搜狐(目前市值6.1億美元)或將從此次交易中獲得11.6億美元現金,鑑於目前國際形勢,對標其他互聯網公司動作,該交易或為其潛在私有化提供支持。

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