(Reuters) – Chinese online classifieds 58.com Inc said on Monday it would be taken private by a consortium of investors, backed by private equity firms Warburg Pincus and General Atlantic, in a deal that valued the company at about $8.7 billion.

Each 58.com shareholder will get $56 per American depositary share in cash, a premium of about 12% to its last close on Friday, according to the deal.

The Nasdaq-listed firm’s shares rose more than 10% to $54.85 in early trading. The deal is expected to close in the second half of 2020.