China-based job board and HR resource services provider 51job Inc. announced the completion of its merger with Garnet Faith Limited.

The complete of the merger followed the recently approved revised, lower value merger agreement.

The group originally announced its Plan of Merger on 21 June 2021 with Garnet Faith Limited. On 1 March 2022, 51job entered into a revised, lower value merger agreement with Garnet Faith which was further revised and approved on 27 April 2022. The transaction implies an equity value of 51job of approximately USD 4.3 billion in which the company will be acquired by a consortium of investors.

As a result of the merger, 51job has become a privately held company and its American Depository Shares will no longer be listed on the Nasdaq Global Select Market.  The company requested that trading of its American Depository Shares on the Nasdaq be suspended as of 6 May 2022.

Last month, 51job Inc. reported net revenue increased by 15.7% in the fourth quarter ended 31 December 2021 when compared to the fourth quarter of 2020.