Announced
Completed
Financials
Tags
online market place
E-commerce
China
Private Equity
Majority
Public
Friendly
Acquisition
Privatisation
Single Bidder
Cross Border
Completed
Synopsis
Warburg Pincus, General Atlantic and Ocean Link Partners, three private equity firms, and Jinbo Yao, 58.com Chairman and CEO, completed the acquisition of all outstanding shares of 58.com, an online classifieds marketplace, for $8.7bn. The agreement to purchase 58.com, known as China’s answer to Craigslist, follows more than two months of negotiations after the company said it received a buyout proposal. The potential deal had drawn objections from some minority investors, including Coronation Fund Managers, Aberdeen Standard Investments and Carmignac Gestion, which said the proposed bid significantly undervalued the business.
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