On September 18, 2020, 58.com Inc. (“58.com,” NYSE: WUBA) announced that it has completed its merger with Quantum Bloom Company Ltd, a special-purpose vehicle controlled by a buyer group consisting of Warburg Pincus, General Atlantic, Ocean Link and Mr. Jinbo Yao, chairman of the board of directors and Chief Executive Officer of 58.com. As a result of the merger, the buyer group acquired 58.com in a going-private transaction implying an equity value of the company of approximately US$8.7 billion and 58.com will cease to be a publicly traded company.

58.com operates China’s largest online marketplace for classifieds, as measured by monthly unique visitors on both its www.58.com website and mobile applications. 58.com’s online marketplace enables local business users and consumer users to connect, share information, and conduct business. 58.com’s broad, in-depth, and high quality local information, combined with its easy-to-use website and mobile applications, has made it a trusted marketplace for consumers. 58.com’s strong brand recognition, large and growing user base, merchant network, and massive database of local information create a powerful network effect.

Wilson Sonsini Goodrich & Rosati acted as international counsel to Warburg Pincus and international co-counsel to the buyer group. The Wilson Sonsini team was led by partners Weiheng Chen and Jie Zhu, and included Xuchao Dong, and Yiwen Feng.

For more information, please see 58.com’s press release.