58.com Purchases Uxin's B2B Used Car Auction Platform
58.com, 3/24/20
Chinese online classifieds site 58.com (NYSE: WUBA) today announced that it has entered into definitive agreements with Uxin Limited (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 USD 105 mln. 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.
Michael Yao (Yao Jinbo), 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 China. With the addition of Uxin's B2B auction platform, we can expand the options we can offer dealers. Once the deal is closed, both teams will quickly join forces and provide more diversified services and integrated solutions to our customers and build a more effective used car trading ecosystem."
Keywords: online auction M&A Yao Jinbo B2B Internet online classifieds 58.com WUBA Uxin automobile e-commerce second-hand
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