Deals
Warburg Pincus-Backed Group Nears 58.com Buyout Deal
- Consortium to take Tencent-backed firm private for $56 per ADR
- Buyout funds in deal to acquire China’s answer to Craigslist
58.com Chief Executive Officer Yao Jinbo speaks during the 6th World Internet Conference in Wuzhen in 2019.
Photographer: VCG/VCG via Getty Images
This article is for subscribers only.
An investor group backed by Warburg Pincus and General Atlantic agreed to take 58.com Inc. private in a deal valuing China’s biggest online classifieds firm at about $8.7 billion.
The private equity consortium offered to buy out the New York-listed company’s independent shareholders for $56 cash per American depositary receipt, 58.com said in a statement Monday, confirming an earlier Bloomberg News report. The bid represents a 20% premium to the last close before an initial buyout approach was announced in April.