Chinese online classifieds market 58.com Inc will buy 100 percent of Shanghai-based real estate Internet platform Anjuke Inc in stock and cash valued at US$267 million.
The deal also includes the issuance of nearly 5.1 million new ordinary shares of 58.com and US$160 million in cash, the company said yesterday.
Zhuang Jiandong, senior vice president of the company, will head the newly combined 58 Anjuke Real Estate Business Group, while Mike Liang, former CEO of Anjuke, is leaving to start a new business related to property.
“There is still very robust demand for real estate in China and the opportunity for the best online real estate platform remains massive,” Yao Jinbo, CEO of 58.com, said yesterday.
“After the deal, we hopefully will be the biggest information provider of real estate market by users and revenue.” Yao added.
Before the deal, Anjuke had raised US$72 million in four rounds of funding.