NYSE-listed Zhaopin Limited, a career platform in China, will be delisted in a privatisation deal led by controlling shareholder SEEK International Investments along with Zebra Mergerco, Ltd, incorporated by Hillhouse Capital Management and FountainVest Partners affiliates.
Andrew Bassat, CEO and Co-Founder of SEEK said, “We are very excited to be partnering with leading Chinese private equity investors Hillhouse and FountainVest who each have strong track records of success in China.”
SEEK International owns approximately 61.2 per cent of the issued and outstanding shares and 74.5 per cent of the outstanding voting power of Zhaopin.
The buyer group will see the acquisition of all outstanding shares in the NYSE-listed for a cash consideration along with special dividend.
The cash consideration for outstanding ordinary shares under this offer amounts to $118.67 million.
It will equal $9.10 per ordinary share and $18.20 per American Depositary Share of Zhaopin, which represents two shares each.
This represents a 14.2 per cent premium over the closing price of $15.94 per ADS, as quoted by the New York Stock Exchange (NYSE) on 16 February 2017, the last trading day prior to Zhaopin’s announcement.
With a market capitalisation of $984.6 million, the firm posted $73.3 million in revenue for Q2 FY 2017 in its latest report. It claims a base of 129.5 million registered users. It conducted its initial public offer (IPO) on the NYSE in 2014.