Outsourcing Inc. will go private in a deal announced Dec. 11. The Tokyo-based firm presently ranks as the 10th-largest staffing provider in the world and currently trades on the Tokyo Stock Exchange. The transaction is styled as a management buyout with the backing of US-based based Bain Capital Private Equity.

Outsourcing’s board has already voted in support of the buyout, according to the announcement.

The deal represents a purchase price of ¥1,755 (US$12.24) per share, according to public documents filed by the company. Based on a calculation by Outsourcing, the aggregate tender offer price is ¥221.13 billion (US$1.53 billion).

Plans call for Haruhiko Doi, who presently serves as representative executive officer, chairman and CEO, to continue with the company as chairman after the deal. Doi presently owns 12.54% of the company.

Outsourcing has 236 subsidiaries, and its wide-ranging business activities include engineering outsourcing and temporary staffing for manufacturers. One division operates call center and logistics services for public agencies such as US military facilities in Japan. Outsourcing operates globally.

In November, Outsourcing announced revenue of ¥551.7 billion (US$3.70 billion) for the first nine months, a year-over-year increase of 9.8%. However, the company also amended results for several past years because of fraudulent reporting. A series of investigations wrapped up on Nov. 14.