Blackstone selling Chinese IT outsourcing firm for USD675m

Private equity firm Blackstone is selling its information technology outsourcing company in China, Pactera, for USD675m. Pactera, one of Blackstone’s largest assets in China, will be sold to a technology company under HNA Group. Reports said the deal was reached in August 2016 but the final terms are still undergoing negotiation. Blackstone acquired Pactera for over USD600m in March 2014. Pactera, which was listed on Nasdaq when it was acquired by Blackstone, provides IT outsourcing and consulting services to multinational and Chinese firms. It posted a USD77m operating revenue last year.