7 Days Group Holdings Limited, an economy hotel chain based in China has retained J.P. Morgan Securities (Asia Pacific) Limited as its financial advisor and Baker & McKenzie as its United States legal counsel in its proposed take private transaction. Sequoia Capital China and affiliates of the Carlyle Group are proposing to back the transaction.

7 Days Group Holdings, an economy hotel chain based in China, has set up a special committee of its board of directors to evaluate a going private proposal. The proposal is from a consortium of investors comprised of the company’s co-founders and co-chairmen of its board of directors, Mr. Boquan He and Mr. Nanyan Zheng, and their respective affiliates, Sequoia Capital China and affiliates of the Carlyle Group.

Chinese economy hotel chain 7 Days Group Holdings Ltd has reported a group led by its co-chairmen has proposed to take it private in a deal valued at $634.7 million, writes Reuters. The group of shareholders, including co-chairmen Boquan He and Nanyan Zheng as well as the Carlyle Group and Sequoia Capital China, has offered $12.70 per American depositary share, writes Reuters.