AI Top 50 2018 – 970×90 CN


Tech

58.Com Completes Mayi-Tujia Share Swap To Consolidate Vacation Rental Play

Follow Us:
LinkedIn
Twitter
YouTube
Facebook
Weibo

China’s largest classified ads site 58.com Inc. says it has completed a swap of its shares in Mighty Talent Ltd., a China-based short-term and vacation rental platform owned by Ganji, with bigger rival Tujia.com International.

As a result, 58.com has divested all its 65.7% stake in Mighty Talent Ltd., also known as Mayi, in exchange for a minority stake in Tujia, says a company announcement.

In addition to the share swap, 58.com will acquire additional Tujia shares by investing online traffic resources, as well as US$10 million in cash and a US$2 million bridge loan for Mayi.

"Mayi’s focus on consumer-to-consumer short-term rentals in tier 1 and 2 Chinese cities highly complements Tujia’s strength in tourist-destination cities," says Michael Jinbo Yao, chairman and CEO of 58.com.

Following the transactions, 58.com, together with Tujia’s existing strategic shareholders, Ctrip and Homeaway, a subsidiary of Expedia Inc., will continue to support both Mayi and Tujia.

Tujia last completed US$300 million series D and D+ rounds led by All-Stars Investment Ltd., with participation from the Ascott Limited, Ctrip, HomeAway, Inc., Lightspeed Venture Partners, GGV Capital, CDH Investments, China Broadband Capital, and Qiming Venture Partners.

Mercer Global Trends Study 2018 300×300
 


Related News








Leave a Reply

Your email address will not be published. Required fields are marked *