Fangda has advised a buyer consortium on its proposed take-private of leading human resource service provider 51job, Inc. (NASDAQ: JOBS). The consortium comprises DCP Capital, Ocean Link, and 51job’s chief executive officer, Rick Yan. Recruit Holdings Co., Ltd. also participated in the deal as the current shareholder. The deal was announced on June 21, 2021.
Founded in 1998, 51job is a leading provider of integrated human resource services in China. With a comprehensive suite of HR solutions, 51job meets the needs of enterprises and job seekers through the entire talent management cycle, from initial recruitment to employee retention and career development. 51job was listed on NASDAQ on 2004. Under the merger agreement, except the continuing shareholder, the buyer consortium will pay US$79.05 per common share/American Depositary Share (ADS) to acquire the remaining shares and ADSs in 51job, implying a deal value of about US$5.7 billion. 51job will be delisted from NASDAQ after the privatization.
Fangda Partners acted as PRC legal counsel to the buyer consortium, including providing due diligence, advising the buyer consortium on the financing plan and transaction agreement, and analyzing the Chinese merger control issue. The Fangda team was led by partners Leo Lou, Dalin Cong, Caroline Huang, Stanley Chen and Gil Zhang, and team members included Zichao Wu, Lena Chen, Jichao Chang, Hanzhi Jiang, Brown Lin, Huihui Li, Kaixian Zheng, Yizhu Mao, Harry Xu, and others.
Fangda has market-leading experience in advising on delisting and follow-up financing for many overseas listed companies, including: ShangPharma Corporation, Focus Media Holding Ltd, Giant Interactive Group Inc., United Family Healthcare, Wuxi AppTec Co., Ltd, Mindray Medical International Ltd, Qihoo 360 Technology Co. Ltd, Homeinns Co., Ltd, Trina Solar Co., Ltd, Bona Film Group Ltd, Aupu Group Holding Company Ltd, Intime Department Store, Yingde Gases Investment Ltd, Ak Medical Holdings Ltd, eHi Auto Services Ltd, Jumei International Holding Ltd, 58.com Inc., Haier Electronics Group Co., Ltd, Changshouhua Food Company Ltd, and China Biologic Products Holdings, Inc., among others.