58.com Invests in Golden Pacer; Uxin Enters Into Divestiture Deal
China's online market place for classifieds 58.com (NYSE: WUBA) announced on Monday it will acquire a 32.6% in Golden Pacer by the end of 2019.
The Beijing-based company said it will convert its profit participation right into an equity stake in the financial technology platform.
Online used car dealer Uxin Ltd. (Nasdaq: UXIN) announced on the same day that it will divest its loan facilitation business with Golden Pacer, which will bring Uxin $100 million in cash and 18.4% of certain preferred shares in Golden Pacer. The company reported a binding term sheet with Golden Pacer relating to the divestiture in July.
The stock of 58.com jumped 1% on Monday to $49.31 per American depositary share. Shares in Uxin closed at $2.45 per American depositary share, down more than 2%.