Chinese recruitment company 51job has agreed to a lower buyout offer from a private equity consortium that sets the company’s value at $4.3 billion, reports Bloomberg. An investor group backed by DCP Capital Partners and Ocean Link Partners reached a deal to buy the Nasdaq-traded firm for $61 per American depositary share, according to a statement Tuesday.
The transaction is set to be one of the largest take-private deals for a US-listed Chinese firm this year.
51job Chief Executive Officer Rick Yan and Recruit Holdings, the Japanese firm that ranks as the company’s largest shareholder, are also part of the consortium. The directors of 51job have approved the revised agreement, following a unanimous recommendation from a special board committee, and the deal is expected to close during the first half of the year.