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General Atlantic and Buyer Consortium Acquire 58.com in $8.7 Billion Deal
- Client News
- September 18, 2020
Paul, Weiss advised General Atlantic LLC, a lead member of an investor consortium, in its acquisition of 58.com, China's largest online classifieds marketplace, for an enterprise value of $8.7 billion. Under the terms of the deal, the consortium, which includes General Atlantic, Warburg Pincus Asia LLC, Ocean Link Partners Limited and 58.com CEO and Chairman Jinbo Yao, bought all outstanding shares for $28.00 in cash per ordinary share, or $56.00 in cash per American Depositary Share.
The Paul, Weiss team included, among others, corporate partners Matthew Abbott, Judie Ng Shortell, Neil Goldman, Christopher Cummings, Xiaoyu Greg Liu, Amran Hussein, Conrad van Loggerenberg, Marco Masotti and Mark Bergman and counsel Stephen Centa, Corinne Musa and Philip Heimowitz; tax partners Lindsay Parks and Patrick Karsnitz; employee benefits partner Lawrence Witdorchic; litigation partner Jessica Carey and counsel Peter Jaffe; antitrust counsel Marta Kelly; and international trade counsel Richard Elliott.