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Mail.Ru offloads Headhunter business to investor consortium.

M2 EQUITYBITES-November 18, 2014-Mail.Ru offloads Headhunter business to investor consortium

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18 November 2014 - Russian Internet company Mail.Ru Group Limited (LON:61HE) announced that it had sold its online recruitment operations HeadHunter to a consortium of investors led by Elbrus Capital for a total of RUB9.85bn (USD208m/EUR167m).

The transaction is subject to third-party approval and is expected to complete in the first quarter of next year. In 2013, the target's revenue and EBITDA was RUB2.7bn and RUB1.3bn, respectively, the seller said in its statement.

HeadHunter is a leader in its market segment and has seen an impressive growth, said Elbrus Capital managing partner Dmitri Krukov. Online HR market in Russia as well as in other countries presents huge opportunities and as part of the consortium, the target will be able to further enhance its technology development strategy, he added.

HeadHunter's team has done a great job over the years and they are now in good hands, said Mail.Ru co-founder and CEO Dmitry Grishin.

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Date:Nov 18, 2014
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