58.com Purchases B2B Online Used Car Auction Business from Uxin
58. COM INC (WUBA)
Last 58. com inc earnings: 3/11 07:00 pm
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Source: PR Newswire
BEIJING, March 24, 2020 /PRNewswire/ -- 58.com Inc. (NYSE: WUBA) ("58.com" or the "Company"), China's largest online classifieds marketplace, today announced that it entered into definitive agreements with Uxin Limited ("Uxin") (Nasdaq: UXIN), a leading national online used car dealer in China, to purchase certain assets and liabilities related to Uxin's B2B online used car auction business for a total cash consideration of US$105 million. The transactions contemplated under the definitive agreements are subject to customary closing conditions, and are currently expected to close by the first half of 2020.Mr. Michael Jinbo Yao, Chairman and CEO of 58.com, commented, "The purchase of Uxin's B2B used car auction platform marks another important step in the roll out of our new "all in service" strategy. Uxin's auction business directly complements our used car business. We are already a leading B2C player in the industry that generates significant consumer traffic to used car dealers in
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