Warburg Pincus-led investor group completed the acquisition of 58.com for $8.7bn.

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.