Skadden, Arps, Slate, Meagher & Flom and Kirkland & Ellis are advising on Chinese classified listings site 58.com Inc.'s $1.56 billion investment in its closest competitor.

The New York Stock Exchange-listed company is acquiring a 43.2 percent stake in rival Ganji.com through a combination of $412.2 million in cash and 34 million new shares totaling $1.14 billion, according to the company's closing price on April 16. In a statement, 58.com said the deal is “part of an intended long-term, strategic combination” between the two companies.

Founded in 2005, 58.com, also known as the “Craigslist of China,” allows users to post advertisements for jobs, real estate listings and other services. According to Beijing-based BigData Research, the company had a 40.6 percent market share in China's online classifieds market last year. The website covers about 385 Chinese cities.