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.
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