BEIJING, CHINA: Chinese social networking company Renren Inc. announced Tuesday that it will buy 56.com, an online video-sharing site in China, for $80 million.

The takeover of 56.com, a website where users can upload, view and share videos, marked the first major acquisition by Renren since it went public on the New York Stock Exchange in May, reported Xinhua.

The deal is expected to completed in the fourth quarter, Renren said in a statement.

Renren is one of China's largest social-networking websites.

According to the agreement, 56.com's co-founder and chief executive officer, Zhou Juan, will join Renren's management team and serve as the vice-president.

The takeover of 56.com will help the company "further meet user needs of recording and sharing their lives through video format" on its social network, said Joseph Chen Yizhou, chairman of Renren.

In New York, the share price of Renren rose 1.52 per cent to close at $5.35 before the deal was announced.