New York-listed Chinese classified service 58.com has agreed to acquire a 43.2 percent stake in its arch-rival Ganji.com by issuing around 34 million shares and with US$412.2 million in cash. This merger has terminated the decade-long battle between the two largest classified sites in China, creating an Internet conglomerate with a market cap of over US$10 billion.

Chinese Internet giant Tencent, which owns 25.3% stake of 58.com, will purchase US$400 million worth of newly issued shares in the company at a price of US$52 apiece.

The two companies will continue to operate independently, while two CEOs will run the joint company as co-CEOs.

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Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.