Maples Advises on US$4.3 Billion Take-Private of 51job, Inc.
Maples and Calder, the Maples Group’s law firm, is pleased to have advised 51job, Inc. (“51job”), a leading provider of integrated human resource services in China, in relation to its take-private transaction. The transaction completed on 6 May 2022 at an implied equity value of US$4.3 billion making it as one of the largest take-private transactions for a US-listed Chinese business so far this year.
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The take-private transaction was completed as a Cayman Islands statutory merger, under which the existing shareholders of 51job had their shares cancelled in exchange for merger consideration of US$61.00 per share. As a result of the merger, 51job has become a privately held company and de-listed from NASDAQ Global Select Market.
The investor consortium included DCP Capital Partners II, L.P., Ocean Link Partners Limited and Mr. Rick Yan, the Chief Executive Officer of 51job. Recruit Holdings Co., Ltd., the largest shareholder of 51job, also participated in the transaction with the investor consortium.
A team of corporate lawyers based in the firm’s Hong Kong office acted as Cayman Islands counsel to 51job and was led by Corporate Partner, Richard Spooner with assistance from Corporate Associate, Vivian Lee.
Over the last 12 months, the firm has acted on a number of high profile take-private transactions for Chinese companies including Sina Corporation, New Frontier Health Corporation and China Biologic Products Holdings which was awarded the “Private Equity Deal of the Year” by IFLR Asia-Pacific Awards 2022.
Simpson Thacher & Bartlett and Jun He Law Offices acted as US and PRC legal counsel respectively to 51job, while Davis Polk & Wardwell acted as US legal counsel to its Special Committee. Paul, Weiss, Rifkind, Wharton & Garrison, Kirkland & Ellis and Weil, Gotshal & Manges acted as international co-counsels to the investor consortium, with Fangda Partners acting as its PRC legal counsel. Sullivan & Cromwell acted as legal counsel to Recruit Holdings Co., Ltd.