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SThree sheds non-core business to Dice Holdings.

MANews-(C)2009-2013

24 July 2013 a[euro]" UK-based specialist staffing company SThree Plc (LON:STHR) said today it had disposed of its non-core operation The IT Job Board (ITJB) to Dice Holdings Inc (NYSE:DHX) of the US.

More specifically, SThree has sold ITJBa[euro](tm)s corporate entity Jobboard Enterprises Ltd to Dice in exchange for an initial sum of GBP9.2m (USD14m/EUR11m), including GBP1.2m of transferred cash. Dice may pay a further GBP3m if the purchased business achieves certain financial targets till 2014.

SThree noted that the net proceeds will further beef up its financial position. In a separate statement, Dice said the transaction allows it to extend its own online tech recruiting business to Europe.

ITJB operates a network of tech career websites with local versions in the UK, Germany, Belgium and Holland.Country: UKSector: Business and Consumer Services, IT/Online ServicesTarget: Jobboard Enterprises Ltd, The IT Job Board (ITJB)Buyer: Dice Holdings IncVendor: SThree PlcDeal size in USD: 19mType: DivestmentStatus: ClosedComment: The deal size is combined.

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Publication:M & A Navigator
Date:Jul 24, 2013
Words:173
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