HONG KONG, Sept 6 (Reuters) - Goldman Sachs has suspended work on a planned U.S. IPO for Chinese conglomerate HNA Group’s IT outsourcing unit Pactera, four people with familiar with the matter told Reuters.
The Wall Street bank has shelved work on the planned listing for now as the deal failed to meet the bank’s internal due diligence requirements, termed as know-your-customer checks, one of the people said.
Reuters reported in July that HNA had tapped Goldman to work on the U.S. initial public offering of Pactera, a Beijing-based firm it bought from Blackstone last year for $675 million in cash.
Pactera was renamed “HNA Ecotech Panorama Cayman Co” earlier this year.
Goldman declined to comment. Representatives at HNA and Pactera did not immediately respond to Reuters requests for comment. The sources declined to be identified as details of the deal are not public. (Reporting by Kane Wu and Julie Zhu; Additional reportying by Matt Miller; Editing by Sumeet Chatterjee; Editing by Kim Coghill)