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Australia : SEEK announces takeover of site JobStreet.

Australian job classifieds site, SEEK announced plans to takeover JobStreet, the online employment businesses of south-east Asian jobs site.

The SEEK subsidiary SEEK Asia first bought a 10% stake in JobStreet, and lifted its stake in JobStreet to 21.3% in 2010.

The latest deal will see JobStreet, which is worth $580 million, merge with recruitment site JobsDB, with SEEK paying $261 million for a 75% stake in the combined entity.

Andrew Bassat, SEEK founder, says the deal will help SEEK grow in Asia.

He said, This transaction is a continuation of SEEK s focus in Asia (including China). In the near term, we expect revenue residing in Asia to comprise over 50% of SEEK s overall revenue which further cements SEEK as a global leader in online employment.

The takeover is being welcomed by Peter Tonagh, News Corp Australia chief operating officer, who will continue to own 12% of SEEK Asia after the deal.

Tonagh said, We strongly support SEEK Asia s acquisition of JobsStreet's assets as it will assist SEEK Asia's growth in key markets, in the fastest growing region in the world. As our investment in the REA Group demonstrates, holding the number one position in the digital market place is important to ensuring revenue growth, which in turn allows digital companies to continue to invest and innovate

In Singapore the deal is subject to shareholder and regulatory approval.

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Publication:Mena Report
Geographic Code:90ASI
Date:Feb 20, 2014
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