Baidu Inc. has acquired the YY Live streaming platform from Joyy Inc., concluding a drawn-out deal that had been in the works since 2020.

Now, Baidu has finally bought the business, known as YY Live, after Beijing softened its stance towards the tech sector following a regulatory crackdown four years ago. JOYY had received about $1.86 billion in February 2021 as part of the original agreement and an additional cash of about $240 million on Tuesday.

Baidu said on Tuesday it has acquired social media firm JOYY's live-streaming business in mainland China for about $2.1 billion, as the search engine giant looks to diversify its revenue stream. U.S.-listed shares of JOYY jumped 6%,

Baidu Inc. (NASDAQ:BIDU) saw its shares climb in Hong Kong trading on Wednesday after confirming its $2.1 billion acquisition of YY Live from JOYY Inc. (NASDAQ:YY). Baidus stock (HK:9888) surged up to 3% to HK$88.