Zoyi Capital Backs Camelot Information’s $95M Privatization Deal

Beijing-based business solutions and IT services provider Camelot Information Systems has completed a US$95 million privatization deal, led by its management team.

The company has been delisted from the New York Stock Exchange, according to a regulatory filing of the company.

Taiwan-based private equity firm Zoyi Capital has invested US$20 million in the company by purchasing convertible notes issued by Camelot. Zoyi Capital has the option to invest an additional US$10 million in the company.

The proceeds will be used to fund the take-private deal.

China Development Industrial Bank has provided Camelot with debt financing of US$70 million to support the deal.

Camelot received the privatization deal proposal, led by the company’s chairman and CEO Ma Yiming, in March 2013. The proposal planned to acquire all of its outstanding American Depository Shares (ADS) at US$1.85 apiece.

Last week, the deal received shareholder approval, with the final purchasing price raised to US$2.05 per share.

Founded in 1994, Camelot provides business solutions and IT services to business corporations and financial institutions in mainland China, Taiwan, Hong Kong, and Japan through a network of 27 regional and local subsidiaries.

Zoyi Capital is currently seeking to raise US$300 million for its debut fund, with the hard cap set at US$500 million.

Founded last year by Andrew Kuo, previously vice chairman of Blackstone Greater China, Zoyi Capital is a Greater China focused fund, investing in mid-cap companies with a proven history in the Chinese and Taiwan market.

The other founding partners of Zoyi Capital include Yu Pei-Pei, formerly managing director of Goldman Sachs’ private equity division, and Eric Chen, previously president of North Asia and Greater China at Fullerton Financial, a subsidiary of Temasek Holdings.

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