The second biggest online search engine, China's Baidu, has bought control of Brazil's Peixe Urbano, in an effort to expand further into Latin America's market.

The companies have yet to disclose the amount of the transaction, but it is stipulated that the management team of Brazil's online-discount company headed by its chief executive officer and co-founder Julio Vasconcellos, will be allowed to function independently under Baidu's corporate structure.

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Neither company publicized the amount of shares that Baidu bought in Peixe Urbano.

China's Baidu Inc. began its entry into Latin America's largest economy in 2012.

In July, Chinese President Xi Jinping was accompanied by Baidu CEO Robin Li to Brazil. During the visit, Li said his firm would pledge about US$50 million for Brazil's economy over the next three years.

Meanwhile, Nasdaq's afternoon trading reported that Baidu's shares fell to US$214.69 or 1.2 percent.

Brazil's e-commerce market is expected to grow at a rate of 18 percent per year in the next two years, according to A.T. Kearney and E-bit consulting firms, and Baidu's purchase of shares in Brazil will further push the growth of e-commerce in the country.

In a statement released by Baidu, its head of global business, Johnson Hu, said the company is currently prioritizing global expansion, and because over 50 million people are using the company's services, it only makes sense for the firm to consider the country as one of its key markets.

Peixe Urbano has more than 30,000 merchant partner companies and serves over 20 million customers nationwide.

Since it was founded in 2010 by Vasconcellos and his other co-founders, Peixe Urbano reported that it has already sold about 30 million worth of discount vouchers and raised nearly US$1.2 billion in savings.

With Baidu's efforts in global expansion, the company expects that by 2019, its service will be used by half of the world's population.

TagsSearch engine, e-commerce, china e-commerce, south america, baidu expansion