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China's two classified ad sites to merge

Xinhua, April 17, 2015 Adjust font size:

China's classified advertising sites, 58.com and Ganji.com, will merge, the latter declared on Friday.

Listed in New York, 58.com agreed to buy a 43.2 percent stake in Ganji using a combination of cash and shares. At current market prices, the new company will be valued at 10 billion U.S. dollars.

The merge aims to build a more professional service platform to cut costs and improve revenues, said 58.com CEO Yao Jinbo.

Tencent, China's biggest social networking firm, will buy 400 million U.S. dollars of shares in 58.com.

The two websites were both set up in 2005. In October 2013, 58.com was listed in New York and started working with Tencent in 2014. Endi