{"id":659088,"date":"2013-05-20T18:48:11","date_gmt":"2013-05-20T22:48:11","guid":{"rendered":"http:\/\/www.pehub.com\/?p=203082"},"modified":"2013-05-20T18:48:11","modified_gmt":"2013-05-20T22:48:11","slug":"chinas-pactera-technology-receives-going-private-proposal-from-blackstone-management","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/659088","title":{"rendered":"China\u2019s Pactera Technology Receives \u201cGoing Private\u201d Proposal from Blackstone, Management"},"content":{"rendered":"

Pactera Technology<\/strong>, a global consulting and technology services provider in China, said on Monday that its board \u00a0has received a “going private” proposal to acquire all shares of Pactera from Blackstone<\/strong> and the company’s management. The bid is valued at $7.50 per American Depositary Share in cash. Reuters is valuing<\/a> the deal at $680 million. Blackstone is acting as advisor for the proposal while Citigroup Global Markets<\/strong> is serving as financial advisor to Pactera’s executive team.<\/p>\n

PRESS RELEASE
\nBEIJING, May 20, 2013 \/PRNewswire\/ — Pactera Technology International Ltd. (Nasdaq: PACT) (“Pactera” or the “Company”), a global consulting and technology services provider strategically headquartered in China, today announced that its board of directors has received a non-binding proposal letter dated May 20, 2013 from an affiliate of funds managed or advised by Blackstone, the Company’s non-executive Chairman, Chris Chen , its Chief Executive Officer, Tiak Koon Loh , and its Executive Committee members, David Chen , Sidney Huang and Jun Su (collectively, the “Buyer Consortium”) to acquire all of the outstanding shares of Pactera not currently owned by the Buyer Consortium in a going private transaction (the “Transaction”) for US$7.50 per American Depositary Share (“ADS”, each ADS representing one common share of the Company) in cash, subject to certain conditions.
\nAccording to the proposal letter, the Buyer Consortium intends to form an acquisition vehicle for the purpose of implementing the Transaction, and the Transaction is intended to be financed with a combination of equity capital funded by the Buyer Consortium and third-party debt. A copy of the proposal letter is attached hereto as Exhibit A.
\nThe Company expects that its board of directors will form a special committee consisting of independent directors (the “Special Committee”) to consider this proposal. The Company also expects that the Special Committee will retain a financial advisor and legal counsel to assist it in its work. The Company cautions its shareholders and others considering trading in its securities that the Company has just received the non-binding proposal and no decisions have been made with respect to the Company’s response to the proposal. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated.
\nCitigroup Global Markets Inc. is acting as financial advisor to the Consortium. Ropes & Gray LLP is acting as U.S. counsel to the Buyer Consortium, with Cleary Gottlieb Steen & Hamilton LLP acting as U.S. counsel to the senior management members in the Buyer Consortium mentioned above. Orrick, Herrington & Sutcliffe LLP is acting as the Company’s U.S. counsel.
\nAbout Pactera
\nPactera Technology International Ltd. (NASDAQ: PACT), formed by a merger of equals between HiSoft Technology International Limited and VanceInfo Technologies Inc., is a global consulting and technology services provider strategically headquartered in China. Pactera provides world-class business \/ IT consulting, solutions, and outsourcing services to a wide range of leading multinational firms through a globally integrated network of onsite and offsite delivery locations in China, the United States, Europe, Australia, Japan, Singapore and Malaysia. Pactera’s comprehensive services include business and technology advisory, enterprise application services, business intelligence, application development & maintenance, mobility, cloud computing, infrastructure management, software product engineering & globalization, and business process outsourcing.
\nFor more information about Pactera, please visit www.pactera.com.<\/p>\n

The post China’s Pactera Technology Receives “Going Private” Proposal from Blackstone, Management<\/a> appeared first on peHUB<\/a>.<\/p>\n

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Pactera Technology, a global consulting and technology services provider in China, said on Monday that its board \u00a0has received a “going private” proposal to acquire all shares of Pactera from Blackstone and the company’s management. The bid is valued at $7.50 per American Depositary Share in cash. Reuters is valuing the deal at $680 million. […]<\/p>\n","protected":false},"author":8321,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-659088","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/659088","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/8321"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=659088"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/659088\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=659088"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=659088"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=659088"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}