Blackstone Group tables $680 mn bid for Nasdaq-listed Pactera Technology
21 May 2013
Nasdaq-listed Chinese information technology outsourcing firm Pactera Technology International Ltd yesterday said that a consortium led by private equity firm Blackstone Group has tabled a $680 million takeover bid.
The consortium comprising Blackstone and the company's management, has offered to pay $7.50 a share, a 42.5-per cent premium to Pactera's closing price last Friday.
According to the offer letter, the consortium intends to form an acquisition vehicle for the transaction, which it plans to be fund through a combination of equity capital put up by the consortium and third-party debt.
Formed through the 2012 merger between HiSoft Technology International Ltd and VanceInfo Technologies Inc, Beijing-based Pactera offers technology outsourcing and consulting services to large corporations across the world.
Pactera provides 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 US, Europe, Australia, Japan, Singapore and Malaysia.
Pactera's services include business and technology advisory, enterprise application services, business intelligence, application development & maintenance, mobility, cloud computing, infrastructure management, software product engineering and globalization, and business process outsourcing.
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