Skip to main content

Skadden, Arps, Slate, Meagher & Flom is advising Chinese classified advertising site  58.com Inc on its agreement to buy a 43.2 percent stake in its privately-held competitor Ganji.com, which turned to Kirkland & Ellis for advice.

New York-listed 58.com, dubbed the Craigslist of China and backed by Tencent Holdings Ltd, said it would issue 34 million new ordinary shares and pay $412.2 million in cash to acquire the stake in Ganji.com. At the current market price, the deal is valued at $1.6 billion, according to Reuters calculations.

At the same time, social networking firm Tencent will invest about $400 million in 58.com, leaving its stake at roughly 25.1 percent, 58.com said. Tencent is being represented by Davis Polk & Wardwell.

Skadden Hong Kong partners Julie Gao, Will Cai, Haiping Li and Rory McAlpine, and Los Angeles partner Michael Gisser are advising 58.com on its transactions with Ganji.com and Tencent. Han Kun Law Offices is advising the company on Chinese law.

A Kirkland & Ellis team led by Hong Kong corporate partners David Zhang and Jesse Sheley, and Shanghai partner Cheryl Yuan is advising Ganji.com. Weil, Gotshal & Manges is representing a selling shareholder, led by recently hired Hong Kong partner Tim Gardner.

The deal with Ganji.com is aimed at integrating the two businesses to decrease costs while bolstering revenues, 58.com CEO Michael Yao was quoted as saying in a statement.

The firms will operate their own brands, websites and teams, according to the statement.

Related Articles

A&O Shearman、高赢助力中国生物医药公司普米斯9.5亿美元并购交易(ZH/EN)

近日,A&O Shearman作为BioNTech的法律顾问,为其收购中国生物医药公司普米斯提供法律服务;高赢国际律师事务所则为普米斯提供法律意见。

汉坤、方达、竞天公诚、凯易助力科创板首单“A收H”交易(ZH/EN)

科创板上市公司亚信安全完成香港联交所主板上市公司亚信科技的控制权收购。汉坤律师事务所在交易中为买方提供中国法律服务;方达律师事务所、凯易国际律师事务所则担任卖方法律顾问;竞天公诚律师事务所担任融资方渤海银行的法律顾问。

方达、苏利文、奋迅·贝克麦坚时助力中印26亿美元钢铁领域合资交易(ZH/EN)

中国民营钢铁公司中国东方集团宣布将与世界第二大钢铁公司、印度安赛乐米塔尔合作,共同在中国设立两家合营企业。方达律师事务所、美国苏利文·克伦威尔律师事务所作为中国东方集团的律师参与交易;奋迅·贝克麦坚时为安赛乐米塔尔提供法律意见。