Chinese group buying provider Meituan.com and classified information provider Dianping.com formally announced their merger and the new company is reportedly valuated at USD15 billion.

The deal is supported by shareholders of both parties, including Alibaba, Tencent, and Sequoia Capital; and China Renaissance is the exclusive financial consultant for the deal.

The new company will adopt the co-CEO system and Meituan CEO Wang Xing and Dianping CEO Zhang Tao will be co-CEO and co-chairman. Meanwhile, the two parties will maintain their respective personnel structure, brand, and independent business operation. In addition, they will enhance complementary advantages and strategic synergies to promote their growth.

China Renaissance previously served as exclusive financial consultant for Dianping and Meituan in several rounds of financing; therefore, both parties choose China Renaissance to be exclusive financial consultant in this transaction.

Bao Fan, CEO of China Renaissance, said Dianping and Meituan are their long-term clients and the company appreciates the trust and recognition. Bao said the merger of the two companies will simplify the market structure, reduce repeated investment, and play to their respective advantages to effectively promote the development of the industry.