UPDATE: Group Said Near Deal to Take Qihoo 360 (QIHU) Private for ~$77/ADS

(Updated - December 1, 2015 7:00 AM EST)

Group said near deal to acquire Qihoo 360 Technology (NYSE: QIHU) for about $77 per share, according to the WSJ.

UPDATE - The takeover of Qihoo 360 would be the largest take-private deal for a U.S.-listed Chinese company.

Completion of the deal, which values Qihoo 360 around $9 billion, is expected within the coming weeks.

Qihoo 360 plans to relist shares on the local stock market once the reverse merger is complete. It's expected that the company will garner a higher valuation in its home market.

Shares of Qihoo 360 are up around 4 percent in early trading.

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