Not friends don’t last: 58 “marry” market success!

yes, 58 city and market network adversaries or walk together at last!

58 city today announced a merger with market network. 58 city will hold a 43.2% stake in market network. It is understood that the two companies will maintain the independence of the brand, website and operation.

according to the agreement, 58 city will be obtained in the form of cash and stock market net 43.2% stake (fully diluted), which contains 34 million common shares, ADS) ($17 million and $412.2 million in cash. Announcement content at the same time, according to tencent will be $52 (ADS) in bids for $400 million worth of 58 city new shares. So far, the percentage shares of tencent is 25.1% (the percentage shares for the total number of total number of issued shares completely diluted). Investment amount will be used for 58 city with market net cash part of the strategic cooperation and increase its 58 city existing stake in two parts.

58 city, chairman and CEO Yao Jinbo points out, hope with the help of the strategic cooperation to achieve both in cost and revenue and synergistic effect of strategic level. The investment is only part of the future deeper cooperation plan, the future will also with the advantages of both integration to create a more professional, more scale service platform of life.

market network, chairman and CEO Yang Haochong said: “really looking forward to the two sides can achieve complementary advantages, after hand in hand to produce new chemical reaction”.