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General Atlantic and Buyer Consortium to Acquire 58.com in $8.7 Billion Deal
- Client News
- June 15, 2020
Paul, Weiss is advising General Atlantic LLC, a lead member of an investor consortium, in its acquisition of 58.com, China's largest online classifieds marketplace, for an enterprise value of $8.7 billion. The consortium presented a non-binding offer letter to the board of directors of 58.com on April 30 and the board entered into a definitive agreement to be acquired on June 15. Under the terms of the deal, the consortium, which includes General Atlantic, Warburg Pincus Asia LLC, Ocean Link Partners Limited and 58.com CEO and Chairman Jinbo Yao, agreed to buy all outstanding shares for $28.00 in cash per ordinary share, or $56.00 in cash per American Depositary Share.
The Paul, Weiss team includes, among others, corporate partners Matthew Abbott, Judie Ng Shortell, Neil Goldman, Christopher Cummings, Xiaoyu Greg Liu, Amran Hussein, Conrad van Loggerenberg, Marco Masotti and Mark Bergman and counsel Stephen Centa, Corinne Musa and Philip Heimowitz; tax partners Lindsay Parks and Patrick Karsnitz; employee benefits partner Lawrence Witdorchic; litigation partner Jessica Carey and counsel Peter Jaffe; antitrust counsel Marta Kelly; and international trade counsel Richard Elliott.