Ocean Link made a bid to acquire 58.com Inc. (NYSE:WUBA) for $8.2 billion on April 2, 2020. On April 30, 2020, as per amended and updated, Ocean Link, Warburg Pincus Asia LLC, General Atlantic Singapore Fund Pte. Ltd, fund managed by General Atlantic Service Company, L.P., Ohio River Investment Limited, THL E Limited, Huang River Investment Limited and Jinbo Yao, the Chief Executive Officer of 58.com signed a preliminary non-binding proposal letter to acquire remaining stake in 58.com Inc. for $4.6 billion. Initial Consortium Members in the aggregate hold approximately 44.1% of the total voting power of the issued and outstanding share in 58.com. Under the terms, all outstanding ordinary shares along with American Depository share will be acquired as a part of the acquisition. The consideration payable for each ADS is $55 in cash or $27.5 in ordinary share in each case other than those ADS or ordinary shares held by shareholders. The transaction will be financed primarily through equity capital and possibly debt capital. Equity financing will be provided by the Initial Consortium Members and additional members that may be admitted into the Consortium. On September 2, 2020, China Merchants Bank Co., Ltd. Shanghai Branch, Industrial Bank Co., Ltd. Shanghai Branch and Ping An Bank Co., Ltd., Shanghai Branch entered into a facilities agreement to provide a term loan facility of $2 billion, a $500 million offshore cash bridge facility and $1 billion offshore cash bridge facility that, subject to the conditions set forth in the Facilities Agreement, will be used for the purpose of financing a portion of the consideration for the merger. Ocean Link and Initial Consortium, along with advisors will carry out our due diligence. The transaction is subject to definitive agreement. As of April 20, 2020, 58.com announced that its Board of Directors has formed a special committee consisting of two independent directors, Robert Frank (Bob) Dodds and Lily Li Dong, to evaluate and consider the transaction. On June 15, 2020, pursuant to revised terms of the agreement, each class A and class B shares not represented by American depositary shares will receive $28 in cash without interest, and each outstanding ADS will be cancelled in exchange for the right to receive $56 in cash without interest. At the Effective Time, each option to purchase shares will be cancelled and each holder of a Vested Company Option will have the right to receive an amount in cash determined by excess if any $28 over the applicable exercise price; option to purchase Shares which is not a Vested Company Option will be cancelled in exchange for an employee incentive award to be determined. Each restricted share unit that shall have become vested or is expected to vest on or prior to December 31, 2020 and remains outstanding on the closing date of the merger will have the right to receive an amount in cash $28 and restricted share unit which is not a Vested Company RSU will be cancelled in exchange for an employee incentive award pursuant to terms and conditions to be determined. The Consortium intends to fund the Merger through a combination of, cash contributions from the investors pursuant to equity commitment letters, rollover equity contributions from certain shareholders of the 58.com Inc. and the proceeds from certain committed term loan facilities in an aggregate amount up to $3.5 billion from Shanghai Pudong Development Bank Co., Ltd. Shanghai Branch and additional arrangers and underwriters to be appointed by the Consortium. In case the agreement is terminated by 58.com Inc., it will pay, or cause to be paid, $126.4 million as termination fees and if otherwise, 58.com Inc., will be paid a termination fee of $252.8 million. Transaction is subject to customary closing conditions, including approval of the merger by shareholders of 58.com. Board of 58.com Inc., acting upon the unanimous recommendation of a committee of independent and disinterested directors established by the Board approved the merger. The Special Committee negotiated the terms of the Merger Agreement with the assistance of its independent financial and legal advisors. Jinbo Yao and General Atlantic Singapore 58 Pte. Ltd. have agreed to vote all of the Shares and ADSs they beneficially own representing approximately 44% of the voting rights attached to the total outstanding Shares. As of September 7, 2020, in 58.com’s shareholders meeting, the deal has been approved by its shareholders with 75% of the total votes cast at the extraordinary general meeting. Completion of the Merger is subject to the satisfaction or waiver of the conditions set forth in the merger agreement. The transaction would result in the 58.com becoming a private company and its ADS would no longer be listed or traded on any stock exchange, including the New York Stock Exchange, and the ADS program would be terminated. The Merger is currently expected to close during the second half of 2020. Houlihan Lokey (China) Limited as independent financial advisor to the Special Committee and Gordon K. Davidson, David K. Michaels, Ken S. Myers and Niping Wu of Fenwick & West LLP is serving as U.S. legal counsel to the Special Committee, Z. Julie Gao, Shu Du and Peter X. Huang of Skadden, Arps, Slate, Meagher & Flom LLP is serving as U.S. legal counsel, Han Kun Law Offices is serving as PRC legal counsel and Conyers Dill & Pearman is serving as Cayman Islands legal counsel of 58.com Inc. Weiheng Chen, Jie Zhu, Xuchao Dong, Jane Wang, Helen Wang, Yiwen Feng, John Mao, Dana Hall, Stephen Heifetz, Joshua Gruenspecht, Dawei Liu, Scott Sher, Paul McGeown, Christopher Williams, Schweta Batohi and Myra Sutanto Shen of Wilson Sonsini Goodrich & Rosati, P.C., Matthew W. Abbott, Judie Ng Shortell, Neil Goldman, Xiaoyu Greg Liu, Amran Hussein, Monica K. Thurmond, Conrad van Loggerenberg, Marco V. Masotti, Mark S. Bergman, Stephen C. Centa, Corinne Musa, Philip A. Heimowitz, Lindsay. Parks, Patrick N. Karsnitz, Lawrence I. Witdorchic, Jessica S. Carey, Jonathan S. Kanter, Peter Jaffe, Marta P. Kelly, Richard S. Elliott and Christopher J. Cummings of Paul, Weiss, Rifkind, Wharton & Garrison LLP, Daniel Dusek, Xiaoxi Lin, Jacqueline Zheng and David Irvine of Kirkland & Ellis LLP and Tim Gardner, Chris Welty and Kris Desrosiers of Weil, Gotshal & Manges LLP acted as legal advisor to the Consortium and Jinbo Yao. Fangda Partners is serving as PRC legal counsel to the Consortium. Maples and Calder (Hong Kong) LLP is serving as Cayman Islands legal counsel to the Consortium. Miranda So, Yunpeng Fan and Shifeng Ni of Davis Polk & Wardwell LLP, Hong Kong Office acted as legal advisors to Tencent Holding Limted. Ernst & Young, China acted as due diligence provider to Warburg Pincus Asia LLC. Ocean Link, Warburg Pincus Asia LLC, General Atlantic Singapore Fund Pte. Ltd, fund managed by General Atlantic Service Company, L.P., Ohio River Investment Limited, THL E Limited, Huang River Investment Limited and Jinbo Yao, the Chief Executive Officer of 58.com completed the acquisition of 58.com Inc. on September 17, 2020. 58.com Inc announced that it requested that trading of its ADSs on the New York Stock Exchange be suspended as of September 18, 2020. 58.com Inc requested NYSE file a Form 25 with the Securities and Exchange Commission notifying the SEC of the delisting of its ADSs on the NYSE and the deregistration of the Company's registered securities. The deregistration will become effective 90 days after the filing of the Form 25 or such shorter period as may be determined by the SEC. As a result of the merger, 58.com Inc will cease to be a public company.