Tencent participation in the going-private transaction of 58.com
Davis Polk is advising Tencent on the rollover of its equity shares in the going-private transaction of 58.com Inc. (the “Company”), which implies an equity value of the Company of approximately $8.7 billion. On June 15, 2020, the Company entered into a merger agreement in connection with its acquisition by a consortium of investors including Warburg Pincus Asia LLC, General Atlantic Singapore Fund Pte. Ltd., Ocean Link Partners Limited, Mr. Jinbo Yao, chairman of the board of directors and chief executive officer of the Company, and Internet Opportunity Fund LP, an entity controlled by Mr. Jinbo Yao. At the closing of the merger, Tencent will roll over its shares in the Company and become a shareholder of the parent company holding the surviving entity in the merger.
58.com Inc. operates China's largest online market place for classifieds, as measured by monthly unique visitors on both its www.58.com website and mobile applications. The Company's online marketplace enables local business users and consumer users to connect, share information and conduct business.
The Davis Polk team includes partner Miranda So, counsel Yunpeng Fan, associate Xi Shi and registered foreign lawyer Shifeng Ni. Members of the Davis Polk team are based in the Hong Kong and Beijing offices.