China's 51job to go private in $5.7 billion deal

(Reuters) - China-based jobs portal 51job Inc said on Monday it reached an agreement to be taken private by a consortium of Chinese investors in a deal that values the company at about $5.7 billion.

In an all-cash deal expected to close in the second half of 2021, shareholders of 51job would receive $79.05 per share.

The consortium, which made the offer in early May, includes DCP Capital Partners, Ocean Link Partners and 51job's co-founder and chief, Rick Yan.

U.S.-listed shares of 51job, which have fallen 6% after the first takeover attempt in September last year, were up 4.2% premarket. They had fallen 17.6% in 2020.

The firm's largest shareholder, Recruit Holdings Co, is also participating in the transaction, the company said.

Founded in 1998, 51job provides human resources services, including initial recruitment to employee retention and other career-related assistance, in China.

(Reporting by Eva Mathews in Bengaluru; Editing by Krishna Chandra Eluri)

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