[{"_1":2,"_80":-5,"_81":-5},"loaderData",{"_3":4,"_6":7},"root",{"_5":-5},"user","routes/tag.$slug",{"_8":9,"_69":70,"_77":72,"_78":56,"_79":57},"posts",[10],{"_11":12,"_13":14,"_15":16,"_17":18,"_19":20,"_21":22,"_23":24,"_25":26,"_27":28,"_29":30,"_31":32,"_33":-5,"_34":35,"_36":37,"_47":48,"_62":63,"_64":65,"_66":67,"_68":32},"documentId","tk4vyzy1gpnstlk5wnlscwzr","title","58.com Signs $8.7 billion Take-Private Transaction","slug","58-com-signs-8-7-billion-going-private-transaction-deal","excerpt","China’s largest classified advertising platform 58.com announced today that it has entered into a merger agreement with Quantum Bloom Group Ltd. ","content","\n

China’s largest classified advertising platform 58.com announced today that it has entered into a merger agreement with Quantum Bloom Group Ltd. The proposed take-private transaction is estimated to have an equity value of $8.7 million.

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Quantum Bloom Company Ltd, a wholly-owned subsidiary of Quantum Bloom Group Ltd, will merge and into 58.com, with 58.com being the surviving company and becoming a wholly-owned subsidiary of Quantum Bloom Group Ltd.

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Under the agreement, 58.com will be acquired by a consortium of investors that includes Warburg Pincus Asia LLC, General Atlantic Singapore Fund Pte Ltd., Ocean Link Partners and 58.com Chairman and CEO Yao Jinbo.

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The consortium plans to fund the merger through a combination of cash contributions, rollover equity contributions from certain shareholders and $3.5 billion in term loans from Shanghai Pudong Development Bank Co, Ltd.

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Pursuant to the deal, the consortium will purchase 58.com issued common shares at a cash price of $28 per share, with a total transaction value of approximately $8.7 billion.

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The transaction is expected to be completed in the second half of this year. 58.com will become a privately held company, and its American shares will be delisted from the New York Stock Exchange.

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Tag: #take-private transcation

58.com Signs $8.7 billion Take-Private Transaction