Tencent CEO Pony Ma. Photograph by Vivek Prakash/Fortune, under Creative Commons license

Tencent, the Chinese technology giant, has offered to buy out Sogou, a Chinese search engine company, in a $2.1 billion deal. Tencent, already a significant shareholder in Sogou, is bidding $9 in cash for each American depositary share that it doesn’t already hold in the company. Tencent currently owns 39.2% of Sogou’s shares. Sogou says it’s considering Tencent’s acquisition offer but with a final decision lying on a special committee composed of independent board directors. For now, there’s no definitive agreement between both companies.

Tencent’s $2.1 billion bid represented a 57% premium price to Sogou’s Friday market close.