58.Com Acquires 43.2% Of Ganji.Com For $1.6B

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New York Stock Exchange-listed Chinese Craigslist-like platform 58.com Inc. has agreed to acquire approximately 43.2% fully diluted equity stake in unlisted rival Ganji.com for around US$1.6 billion, according to a company announcement.

The deal includes approximately 34 million newly issued ordinary shares of 58.com and US$412.2 million in cash. The two companies will continue to operate their respective brands, websites and teams, but will seek to create synergies and further grow the combined company.

China Money Network

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