China's Pactera to be taken private in Blackstone-led buyout
(Reuters) - Pactera Technology International Ltd PACT.O, China's largest technology outsourcing company, agreed to be taken private by a consortium led by Blackstone Group LP (BX.N) for $625 million, after a month of wrangling over the sale price.
Pactera agreed to an offer price of $7.30 per American depositary share (ADS), an 11.6 percent premium to the stock's $6.54 closing price on Wednesday.
The buyers, which include Pactera's management, initially offered $7.50 per ADS in May but cut that to $7.00 last month, citing the company's weakening financial performance.
Pactera gave no reason for the latest price revision.
Bank of America Merrill Lynch, Citigroup Global Markets Asia Limited and HSBC Bank USA will provide debt financing for the deal.
Beijing-based Pactera, formed last year through a merger of HiSoft Technology International Ltd and VanceInfo Technologies Inc, offers technology outsourcing and consulting services to companies across the world.
(Reporting by Sruthi Ramakrishnan in Bangalore; Editing by Rodney Joyce)