Weil Advises Chairman and CEO of 58.com on its Proposed Going Private Merger
Weil represented Mr. Jinbo Yao, the Chairman of the Board and CEO of 58.com Inc. (58.com) and the consortium, in connection with the signing of an Agreement and Plan of Merger with Quantum Bloom Group Ltd. (“Parent”) and Quantum Bloom Company Ltd., a wholly owned subsidiary of Parent. Upon completion, 58.com will be acquired by a consortium of investors including Mr. Jinbo Yao, Warburg Pincus Asia LLC, General Atlantic Singapore Fund Pte. Ltd., Ocean Link Partners Limited and Internet Opportunity Fund LP, an entity controlled by Mr. Jinbo Yao, in a transaction implying an equity value of approximately US$8.7 billion. The transaction is expected to close during the second half of 2020 and is subject to customary closing conditions.
The Weil team was led by Hong Kong private equity partner Chris Welty and included counsel Kris Desrosiers and associate Qi Zhang.
For further information on the transaction, please click here.
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