Chinese economy hotel chain 7 Days Group Holdings is set to be privatized after shareholders voted in favor of a private equity-backed management buyout that values the company at around US$688 million. The buyer consortium, including global alternative asset manager The Carlyle Group, private equity and venture capital firm Sequoia Capital, pan-emerging markets private equity firm Actis and the company’s co-chairman He Boquan, will pay US$13.80 per American Depository Share, a 30.6 percent premium to the last close prior to the submission of the offer on 25 September 2012. The transaction will be financed through a combination of equity contributions from Carlyle, Sequoia, Actis and He, and a US$120 million loan facility provided by Cathay United Bank, Chinatrust Commercial Bank, Nomura Securities International, Ta Chong Bank and Taipei Fubon Commercial Bank. 7 Days Group was listed on the New York Stock Exchange in 2009.