New York Stock Exchange-listed Chinese Craigslist-like platform 58.com Inc., backed by private equity firms Warburg Pincus and SAIF Partners, has acquired Shanghai-based real estate listing platform Anjuke for approximately US$267 million, according to an official announcement.
58.com has issued about five million new ordinary shares and paid another US$160 million in cash to acquire 100% of Anjuke.
The transaction allows the two parties to create China’s largest secondary and rental real estate platform by combining 58.com’s housing content category with Anjuke’s platform, according to Michael Jinbo Yao, chairman and CEO of 58.com.
Anjuke will continue to operate its website and mobile app under its own brand.
Founded in 2007, Anjuke provides potential home buyers and renters services to search for primary and secondary real estate. It also enables developers and real estate agents to market their properties online. Its platform covers 67 cities in China.
Warburg Pincus, SAIF Partners and DCM held 17.9%, 14.7% and 13.5% of 58.com at the end of 2013, according to the latest numbers available in the company’s 2013 annual reports.
In November 2014, 58.com acquired Chinese recruitment platform M91.cn for an undisclosed amount. One month earlier, it invested US$25 million in Beijing-based online designated driver reservation services provider eDaijia.
In June 2014, Chinese Internet services giant Tencent Holdings Ltd. said it would invest US$736 million in exchange for a 19.9% stake in 58.com on a fully-diluted basis.
In November 2013, 58.com raised US$187 million in a U.S. IPO. At the time, Warburg Pincus held 25.8% of 58.com before the float. SAIF Partners and DCM held 20.5% and 16.6% respectively.