58.com Announces Going-private Transaction - Quick Facts

(RTTNews) - 58.com Inc. (WUBA) has entered into a merger agreement with Quantum Bloom Group Ltd, for going-private transaction. Under the deal, 58.com will be acquired by a consortium of investors, in which the equity value of the company will be approximately $8.7 billion. As per the agreement, Quantum Bloom Company Ltd, a wholly-owned subsidiary of Quantum Bloom Group Ltd, will merge with and into 58.com Inc. with 58.com being the surviving company and becoming a wholly-owned subsidiary of Quantum Bloom Group.

The consortium includes Warburg Pincus Asia LLC, General Atlantic Singapore Fund Pte. Ltd., Ocean Link Partners, Jinbo Yao, CEO of 58.com, and Internet Opportunity Fund LP, an entity controlled by Jinbo Yao. The consortium intends to fund the merger through a combination of, cash contributions from the investors pursuant to equity commitment letters, rollover equity contributions from certain shareholders of 58.com, and the proceeds from certain committed term loan facilities from Shanghai Pudong Development Bank.