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.

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