AsiaInfo-Linkage, Inc. (ASIA) agreed Monday to be taken private by a consortium led by Chinese private investor CITIC Capital Partners for $12.00 per share in an all-cash deal valued at about $890 million. The consortium is also co-led by AsiaInfo-Linkage's Co-Founder Edward Tian, who is also a significant stockholder.
The offer price represents a hefty 52 percent premium over AsiaInfo-Linkage's closing price of $7.88 on January 11, 2012, the last trading day prior to the company receiving a "going private" offer from CITIC Capital. However, it only represents a 2.7 percent premium over Friday's closing price of $11.68.
The group of private investor consortium, including CITIC Partners, Tian, an unnamed significant stockholder, and their respective affiliates, including CITIC PE and China Broadband Capital Partners II, L.P., will provide equity financing for the deal.
A group of banks, including Bank of Taiwan, Cathay United Bank, Co., LTD., ICBC International Capital Limited, Maybank Investment Bank Berhad, and Nomura International (Hong Kong) Ltd., have agreed as mandated lead arrangers to arrange a debt facility totaling $330 million to provide debt financing for the deal.
The deal was approved by AsiaInfo-Linkage's board of directors and they have also resolved to recommend that its stockholders vote to adopt the merger agreement. The closure of the deal is primarily subject approval by AsiaInfo-Linkage's stockholders and receipt of required regulatory approvals.
Following the closure of the deal, AsiaInfo-Linkages shares of common stock will no longer be listed on the NASDAQ Global Market.
Beijing, China-based AsiaInfo-Linkage is a provider of telecommunications software solutions, and information technology products and services to telecommunications carriers and operators, and cable television operators in China and globally. The company was formerly known as AsiaInfo Holdings, Inc. and changed its name to AsiaInfo-Linkage, Inc. in July 1, 2010.
CITIC Capital Partners is the private equity arm of China-focused alternative investment management and advisory company CITIC Capital Holdings Ltd. that manages over $4 billion of capital from a diverse group of international and Chinese investors.
Following the receipt of the offer in January 2012, AsiaInfo-Linkage retained Shearman & Sterling LLP as its legal counsel and in February 2013 it retained Goldman Sachs (Asia) L.L.C. as its financial advisor to the special committee formed to assist in evaluating the proposal.
ASIA closed Friday's regular trading session at $11.68, down $0.08 on a volume of 66,800 shares.
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