DCP Capital to Acquire China’s 51job in Take-Private Deal Valued at $5.7 Billion

Paul, Weiss is advising 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 will merge with Garnet Faith Limited, a Cayman Islands company. Upon completion, 51job will become a privately held company with an equity value of approximately $5.7 billion.

DCP, Ocean Link Partners Limited and 51job’s co-founder and CEO, Rick Yan, will buy 51job for $79.05 per American depositary share. The company’s largest shareholder, Japan’s Recruit Holdings Co., is also participating in the transaction. The merger will be funded through a combination of cash contributions, equity commitment letters and contributions, and as much as $1.825 billion in committed term loan facilities arranged by China Merchants Bank Co. and Shanghai Pudong Development Bank Co. The transaction is expected to close during the second half of 2021, subject to customary closing conditions.

The Paul, Weiss team includes, among others, corporate partners Judie Ng Shortell and Tong Yu; and antitrust counsel Yuni Sobel.