We are advising the special committee of the board of directors of 51job in connection with its going-private acquisition

Davis Polk is advising the special committee of the board of directors of 51job, Inc. in connection with the going-private acquisition by a consortium that includes DCP Capital Partners II, L.P., Ocean Link Partners Limited and Mr. Rick Yan, the Chief Executive Officer of 51job. Recruit Holdings, the company’s largest shareholder, is also participating in the transaction. The transaction implies an equity value of 51job of approximately $5.7 billion. If completed, the merger will result in 51job becoming a privately-held company and its ADSs will no longer be listed on the NASDAQ Global Select Market. The transaction is subject to customary closing conditions, including approval by the shareholders of 51job and is expected to close in the second half of 2021.

Founded in 1998, 51job is a leading provider of integrated human resource services in China. With a comprehensive suite of HR solutions, 51job serves enterprises and job seekers through the entire talent management cycle, from initial recruitment to employee retention and career development. 51job’s main online recruitment platforms, as well as mobile applications, connect millions of people with employment opportunities every day. 51job also provides a number of other value-added HR services, including business process outsourcing, training, professional assessment, campus recruitment, executive search and compensation analysis. 51job has a call center in Wuhan and a nationwide network of sales and service locations spanning more than 30 cities across China.

The Davis Polk corporate team includes partners Miranda So and Howard Zhang, counsel Yunpeng Fan and associates Jie Zhang, Rebecca Yang, Lucy Cai and Tianying Xie. Partner Nick Benham and associate Claudia Herron are providing finance advice. Counsel Alon Gurfinkel and associate Omer Harel are providing tax advice. Members of the Davis Polk team are based in the Hong Kong, Beijing and London offices.

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