Microsoft Corp. has decided to sell its MSN China portal a Chinese firm, three months after saying it would close it.
The buyer is an entity run by a former general manager at Microsoft Online, the Wall Street Journal reports.
On Tuesday, Microsoft said it signed 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 did not 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 was planning to shut down the Chinese portal as the software giant shifts away from online content to software and services for Windows 10 devices.
In a press release Tuesday, Microsoft said it is “collaborating closely” with XiChuang on search advertising and operations to ensure a smooth transition and added that China is a strategic market where it will continue to invest.
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