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CITIC-led consortium acquires AsiaInfo-Linkage in $890m take-private

13 May 2013

beijing wall china_sqPrivate equity firm CITIC Capital Partners has agreed to acquire Beijing-headquartered telecommunications major AsiaInfo-Linkage in a take-private deal.

CITIC will pay $12 per share for AsiaInfo-Linkage, valuing the business at $890m, a premium of 52 per cent to the closing price on January 11, the last day of trading before the take-private proposal was announced.

The company’s board of director has already approved the deal and recommended shareholders to shareholders to accept the offer.

The CITIC-led consortium also includes AsiaInfo-Linkage co-founder Edward Tian and CBC’s China Broadband Capital Partners II fund.

The deal also includes $330m of debt provided by Bank of Taiwan, Cathay United Bank, ICBC International Capital Limited, Maybank Investment Bank Berhad and Nomura International.

CITIC and fellow private equity firm CDH Investments Management have recently made a four times money multiple by exiting Chinese vehicle parts maker Nanjing Aotecar.

Also in April, CITIC upped its buyout offer for biotechnology company 3SBio to top a take-private offer by Decade Sunshine.

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