E-commerce company 58.com acquired China-based online real estate listing platform Anjuke on Sunday in a $267m cash and stock deal, providing an exit to investors including internet company Baidu.
58.com paid approximately $160m in cash and transferred almost 5.1 million shares in its business.
Founded in 2007, Anjuke’s platform connects property buyers with homeowners and estate agents. It also oversees property rental and new property sales businesses through subsidiaries.
Baidu led Anjuke’s $50m series D round in 2011, investing alongside Matrix Partners China, the venture capital firm that had previously provided $22m in funding to Anjuke in its previous rounds.
Following the acquisition, Anjuke will continue to operate its website and app under its own brand but will look to leverage 58.com’s resources as it grows.
Michael Jinbo Yao, chief executive of 58.com, said: “This transaction allows us to create China’s largest secondary and rental real estate platform by combining 58.com’s housing content category with Anjuke’s platform.
“Our housing category has been one of 58.com’s fastest growing businesses and this acquisition allows us to generate new growth drivers by expanding into primary real estate services, which we previously did not cover.”