DCP Capital Acquires China’s 51job in Take-Private Deal Valued at $4.3 Billion

Paul, Weiss advised a DCP Capital Partners-led group of investors in their take-private acquisition of 51job, Inc., a leading U.S.-listed, China-based provider of integrated human resource services. Under the terms of the agreement, 51job merged with Garnet Faith Limited, a Cayman Islands company. Upon closing on May 6, 51job became a privately held company with an equity value of approximately $4.3 billion.

DCP, Ocean Link Partners Limited and 51job's co-founder and CEO, Rick Yan purchased 51job for $61.00 per share of 51job's issued and outstanding common shares (including shares represented by American Depositary Shares).

The merger was funded through a combination of cash held by the company, equity commitment contributions, and as much as $1.875 billion in a committed term loan facility and two cash bridge facilitates arranged by China Merchants Bank Co,. Ltd., and Shanghai Pudong Development Bank Co., Ltd.

The Paul, Weiss team included corporate partners Judie Ng Shortell, Tong Yu, Greg Liu and Christopher Cummings and counsel Chikara Momota and Ellen Mao; litigation partners Andrew Gordon and Jessica Carey and counsel Daniel Juceam; antitrust counsel Marta Kelly and Yuni Sobel; executive compensation partner Lawrence Witdorchic; and international trade counsel Richard Elliott.