Tencent-backed Meilishuo is set to be acquired by its competitor Mogujie in a stock deal, and the $3bn merged company could raise up to $250m in the aftermath.
Meilishuo, a China-based fashion e-commerce company backed by internet company Tencent, is set to be acquired by social commerce company Mogujie, China Money Network reported today.
The transaction will consist of a 2:1 share swap and could value the merged company at approximately $3bn, though the size of the acquisition has not been officially confirmed.
The deal is being driven by investors of both companies, and local media reports indicate Tencent and Hillhouse Capital, the latter of which backs Mogujie…
