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Kirkland & Ellis and Skadden Advise On Strategic Transaction Between Ganji.com And 58.com.

20 April, 2015

 

58.com Inc., a Chinese online marketplace serving local merchants and consumers, announced today that it has entered into a definitive agreement to acquire a strategic stake in Falcon View Technology Limited, the holding company of the PRC entities operating Ganji.com, a major online local services marketplace platform in China (“Ganji“).  58.com also announced its agreement with Tencent Holdings Limited, a provider of internet services in China (“Tencent“), for an approximately USD 400m additional investment by Tencent in 58.com.  

 

58.com will acquire an approximately 43.2% fully diluted equity stake in Ganji for a combination of share consideration and cash, This includes approximately 34 million newly issued ordinary shares of 58.com and USD 412.2M in cash, totaling approximately USD 1.56BN based on the closing trading price of 58.com’s stock on NYSE on April 16, 2015.

 

Kirkland & Ellis is advising Ganji.com, while Skadden is advising 58.com on its transactions with Ganji and Tencent.

 

The Kirkland team is being led by corporate partners David Zhang, Jesse Sheley and Cheryl Yuan. The Skadden team is led by partners Julie Gao,Will Cai, Haiping Li, Rory McAlpine and Michael Gisser.

 

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