58.com Enters into a Definitive Agreement with Quantum Bloom in Deal Valuing the Company at USD 8.7bn.
MANews-(C)2009-2020
China-based online classifieds marketplace 58.com Inc. (NYSE: WUBA) has entered into a definitive Agreement and Plan of Merger with Quantum Bloom Group Ltd in a going-private transaction implying an equity value of the company of USD 8.7bn, the company said.
Quantum is an exempted company with limited liability incorporated under the law of the Cayman Islands (Parent), and a wholly-owned subsidiary of Parent, pursuant to which, and subject to the terms and conditions thereof, Merger Sub will merge with and into the company with the company being the surviving company and becoming a wholly-owned subsidiary of Parent.
Pursuant to the terms of the Merger Agreement, at the effective time of the Merger, each class A ordinary share, par value USD 0.00001 per share, of the Company, together with each class B ordinary share, par value USD 0.00001 per share, of the company, will be cancelled and cease to exist, in exchange for the right to receive USD 28.00 in cash without interest, and each outstanding ADS, will be cancelled in exchange for the right to receive USD 56.00 in cash without interest.
The Merger Consideration represents a premium of 19.9% to the closing price of the company's ADSs on April 1, 2020, the last trading day prior to the company's announcement of its receipt of the original going-private proposal, and a premium of 19.2% to the volume-weighted average closing price of the company's ADSs during the last 15 calendar days prior to its receipt of the original "going-private" proposal.
The Consortium in the acquisition includes Warburg Pincus Asia LLC (together with its affiliated investment entities, Warburg Pincus), General Atlantic Singapore Fund Pte. Ltd. (together with its affiliated investment entities, General Atlantic), Ocean...
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