A buyer consortium led by the Blackstone Group LP (NYSE: BX) is taking Pactera Technology International Ltd. (Nasdaq: PACT) private for $625 million.
Pactera, headquartered in Beijing, is a consulting and technology services provider.
The purchase price works out to $7.30 per American depository share. The company’s shares closed at $6.54 on Oct. 16, before the deal was announced.
The buyer consortium includes affiliate of Blackstone, Pactera management and GGV Capital.
Bank of America Merrill Lynch, Citigroup Global Markets Asia Ltd and HSBC Bank USA NA are lead arrangers for the deal’s debt financing.
J.P. Morgan Securities (Asia Pacific) Ltd. is serving as financial adviser to Pactera’s special committee, while Shearman & Sterling LLP and Conyers Dill & Pearman serve as legal advisers. Skadden Arps Slate Meagher & Flom LLP is U.S. legal adviser to J.P. Morgan Securities, and Orrick Herrington & Sutcliffe LLP is Pactera’s U.S. legal counsel. Fangda Partners is the company’s Chinese legal counsel. Citigroup Global Markets Inc. is the buyer group’s financial adviser, while Ropes & Gray LLP is providing U.S. legal advice. Cleary Gottlieb Steen & Hamilton LLP is U.S. legal adviser to the members of Pactera management involved in the buyer consortium. Walkers Global and Ju He Law Offices as served as Cayman Islands and Chinese legal advisers to the buyer group, respectively, and Davis Polk & Wardwell LLP is U.S. legal adviser to Citigroup Global Markets.