Global Job Board Monster Worldwide Inc. Enters Agreement To Sell Remaining Stake In JobKorea To Private Equity Firm H&Q Korea
Global job board Monster Worldwide Inc. on Monday announces that it will sell its remaining stake in JobKorea to private equity firm H&Q Korea. The two companies have been doing business since 2013, after the private equity firm purchased 49.99% stake of JobKorea.
Monster Worldwide reveals that the 50.01% remaining stake that will be sold to H&Q Korea will cost around $85 million, as reported by PR Newswire Sept. 28. The two companies are expected to close the deal in October.
The website adds "the sale of Monster's remaining stake is consistent with the company's continued strategy of unlocking value and sharpening its focus on its core online recruitment platform."
"This transaction reflects our commitment to our strategy of focusing on our core value proposition while also demonstrating the underlying value of Monster's global enterprise," says Tim Yates, president and chief executive officer of Monster. "We have enjoyed our ten year relationship with the management and operating team at JobKorea and our two year partnership with H&Q Korea."
He goes on, "We wish them well as they build on their leading position in Korea's online recruitment market and look forward to the opportunity to continue working together through our international cross-selling arrangement."
"The proceeds from this transaction will provide added financial flexibility as we move forward toward our objective of enhancing shareholder returns as part of our capital allocation program."
Staffing Industry noted Sept. 29 that Monster Worldwide's share price "closed down 3.1% at USD 6.26, an increase of 13.2% compared with a year ago" and has a market value of $571 million.
Currently, Monster Worldwide offers services in over 40 countries, "providing some of the broadest, most sophisticated job seeking, career management, recruitment and talent management capabilities."
Monster Worldwide Inc. also owns one of the most visited employment websites in the United States, Monster.com. The online employment was founded by Jeff Taylor in 1999.
