Beijing-based technology outsourcing company Pactera Technology International Ltd has completed privatization by a consortium led by The Blackstone Group at approximately US$625 million, according to a regulatory filing of the company.
The deal has received shareholder approval and Pactera has been delisted from NASDAQ Stock Exchange.
The consortium proposed to pay US$7.50 per American Depositary Share (ADS) in cash to take Pactera private. They eventually compromised at US$7.30 per share.
The company’s beneficial owners now 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.