News Column

Tencent Obtained 19.9% of 58.com

June 30, 2014



BEIJING, June 30, SinoCast -- 58.com obtained an investment of USD 736 million from Tencent that got a diluted 19.9% stake in the former.

Tencent will spend USD 20 a share buying 36.805 million A-type and B-type common shares in 58.com that will use part of the raised capital to repurchase 27.60375 million common shares from pre-listing investors.

After the transaction, 58.com and Tencent will become preferred investors of each other in the field of local services and will work together to build next-generation O2O local services relying on their respective platform advantages.

Relying on this strategic investment, 58.com will have an opportunity to obtain traffic from QQ, wechat, QQ.com, QQ browser and Tencent's other platforms to further enhance its status in the field of local services.


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Source: Sinocast Internet, Media & Online Services Beat (China)


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