Stock Alert: 58.com Trading 10% Higher On Buyout Deal

(RTTNews) - Shares of Chinese online classifieds marketplace 58.com Inc. (WUBA) are climbing more than 10% Monday morning after the company said it signed a deal to be taken over by a group of investors backed by private equity firms Warburg Pincus and General Atlantic for about $8.7 billion.

The stock is currently at $54.82 and has traded in the range of $37.82- $69.89 in the last 52 weeks.

As per the deal, each 58.com shareholder will get $56 per American depositary share in cash, a premium of 12% to the closing price of the company's ADS on Friday.

The deal is expected to close in the second half of 2020.