7 Days Group Holdings Ltd, a leading Chinese budget hotel chain, said on Friday that it has entered into a definitive agreement to go private.

Investors including its parent company Keystone Lodging Co Ltd and private equity firms Carlyle Group and Sequoia Capital will acquire the company for $4.60 per ordinary share or $13.80 per American Depositary Share.

The deal is the best option for the company because more flexible operations will be available after it's done, China Business News quoted the company's founder Zheng Nanyan as saying.