On June 15, 2020, 58.com Inc., China’s largest online classifieds marketplace, announced that it has entered into a definitive agreement and plan of merger, pursuant to which 58.com will merge with a special-purpose vehicle that shall, at the effective time of the merger, be beneficially owned by a buyer group consisting of Warburg Pincus Asia LLC, General Atlantic Singapore Fund Pte. Ltd., Ocean Link Partners Limited, 58.com Chairman of the Board and Chief Executive Officer Jinbo Yao, and Internet Opportunity Fund LP, an entity controlled by Mr. Jinbo Yao. The proposed transaction implies an equity value of 58.com of approximately US$8.7 billion. Wilson Sonsini Goodrich & Rosati acted as international counsel to Warburg Pincus, the lead investor in the buyer group, and as the lead international co-counsel to the buyer group in the transaction.
The transaction is expected to close during the second half of 2020, subject to customary closing conditions, including the approval by shareholders of 58.com.
The Wilson Sonsini team that advised Warburg Pincus and the buyer group in the transaction includes the following attorneys:
Mergers & Acquisitions|
Weiheng Chen, Partner
Jie Zhu, Partner
Xuchao Dong, Associate
Corporate Finance
John Mao, Partner
Dana Hall, Partner
National Security
Stephen Heifetz, Partner
Joshua Gruenspecht, Partner
Tax
Myra Sutanto Shen, Partner