Cleary Gottlieb is representing Citigroup Global Markets, as financial advisor to VanceInfo Technologies, in connection with the merger, announced August 10, of VanceInfo with HiSoft Technology International. Each of VanceInfo and HiSoft is a Cayman Islands company that has ADSs listed in the United States.
At the close of the transaction, expected in the fourth quarter of 2012, VanceInfo and HiSoft will be combined in a merger of equals to form the largest offshore information technology services provider in China, with a combined market value of $875 million. HiSoft will be the surviving listed company in the merger, and its ADSs will continue to be listed on the NASDAQ. Immediately prior to the merger, HiSoft will effect a share consolidation to ensure that HiSoft and VanceInfo will have the same number of outstanding shares and ADSs when they merge, resulting in a 50/50 split post-merger.
