Blackstone first approached the company in May of this year, partnering with Pactera management including non-executive chairman and Chris Chen, CEO Tiak Koon Loh, alongside three of the company’s executive committee. The initial offer of $7.50 was reduced following question marks over the company’s performance.
The company has confirmed a price of $7.30 per share, an 11.6 per cent premium on its most recent closing price of $6.54.
Financing was provided by Bank of America Merrill Lynch, Citigroup Global Markets Asia Limited and HSBC Bank USA, Reuters reported.
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