Three months after saying it would shutter its MSN China web portal, Microsoft Corp. said it has decided instead to sell the business to a Chinese entity run by a former general manager at Microsoft Online.
Microsoft said Tuesday that it entered into a “management buyout agreement” on Aug. 10 with XiChuang Technology (Beijing) Co. under which XiChuang would acquire Microsoft Online Network Communications Technology (Shanghai) Co. The companies didn’t disclose the terms of the deal but said that Anderson Liu, a former general manager of Microsoft Online, is the chief executive of XiChuang.
In May, Microsoft said it planned to shut down the Chinese Web portal as the software giant shifts away from providing online content to offering software and services for Windows 10 devices.
Source: The Wall Street Journal