Tencent Buys 20% of China’s 58.com for $736 Million
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Tencent Holdings Ltd. agreed to buy a 19.9 percent stake in 58.com Inc. for $736 million, as Asia’s largest Internet company adds to investments this year that include purchasing a stake in e-commerce website JD.com Inc.
Tencent will buy 36.8 million Class A and B ordinary shares in Chaoyang, China-based 58.com at $20 each, according to a statement distributed through PR Newswire yesterday. The two companies also agreed to use each other as preferred partners for local services, according to the statement.