51job.com agrees to US$5.7 billion privatisation deal, latest US-listed Chinese firm to go private
- Date: 23-Jun-2021
- Source: Yahoo News
- Sector:Economy
- Country:Middle East
51job.com agrees to US$5.7 billion privatisation deal, latest US-listed Chinese firm to go private
Chinese human resources and job search provider 51job.com has agreed to be taken private in a deal that valued it at about US$5.7 billion, making it the latest US-listed Chinese firm to dump the public markets in favour of private ownership.
The transaction followed a nine-month engagement with Beijing private-equity firm DCP Capital, which was first revealed in September. The company, which went public in the US in 2004, formed a special committee of independent directors to consider the proposal and other strategic alternatives at the time.
In May, 51job.com said it received an updated takeover proposal from a consortium that included DCP and buyout firm Ocean Link Partners, as well as its CEO Rick Yan. Its largest shareholder, Recruit Holdings, has since joined the consortium.
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