Beijing-based technology outsourcing company Pactera Technology International Ltd says the company has agreed to be taken private by a consortium led by The Blackstone Group at approximately US$625 million.
The offer price is US$7.30 per American depositary share (ADS), an 11.6% premium to the stock’s US$6.54 closing price on Wednesday.
The deal has won Pactera’s board approval. The NASDAQ-listed company is now set to be taken private, pending a shareholder vote.
After the transaction is completed, the company’s beneficial owners include Blackstone Group, company executives such as Chen Shuning and Lu Zhequn, GGV Capital and its affiliated subsidiaries.
Bank of America Merrill Lynch, Citigroup Global Markets Asia Limited and HSBC Bank USA will provide debt financing for the deal.
Beijing-based Pactera, formed through a merger of HiSoft Technology International Ltd and VanceInfo Technologies Inc in 2012, offers technology outsourcing and consulting services.