Chinese security company Qihoo 360 goes private on NYSE

Qihoo 360 Technology Co., a Chinese antivirus company, has agreed to be acquired by a group of investors in a deal valued at about $9.3 billion.

Qihoo 360 is a Chinese internet security company known for its antivirus software (360 Safeguard, 360 Mobile Safe), Web Browser (360 Browsers), and Mobile Application Store (360 Mobile Assistant). The company was founded by Zhou Hongyiand and Qi Xiangdong in June 2005 and as of Friday 18 December it became the latest company joining a long list of U.S.-listed Chinese technology companies being taken private this year.

However, several Executives at other Chinese companies have been betting on higher valuations back in China, but the economy that accounts for much of Qihoo 360’s business has been slowing lately, which has been reflected in the acquisition price. Despite the slowing in its core business markets, Qihoo 360 had 496 million users for its Internet Security products and 641 million users for its Mobile Antivirus products as of June 2014

Shares of Qihoo, which were being listed in the New York Stock Exchange in the United States in 2011, were up 2.7 per cent at $73.78 in pre-market trading on Friday, below the offer of $77 for each American Depositary Share.

The company said on Friday that entities controlled by Zhou and Chairman Xiangdong Qi agreed to vote all their shares in favour of the deal. Their controlling interest stake represents about 61 per cent of the voting rights attached to the outstanding shares.

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