SEEK unit completes Asian acquisition

SEEK Asia, a JV majority-owned by online job ad company SEEK Limited (ASX:SEK), has completed the $205m acquisition of a 60 per cent stake in Jobs DB

Online job advertising company, SEEK Limited (ASX:SEK), said its 69 per cent-owned subsidiary, SEEK Asia, has completed the acquisition of a majority stake in Jobs DB.

SEEK Asia paid $HK1.59 billion ($204.5 million) for a 60 per cent stake in Jobs DB, having acquired 40 per cent in December last year and completed the conditions required to obtain the remaining 20 per cent.

Jobs DB is a job listing site that operates in markets including Indonesia, Malaysia, Hong Kong and Singapore.

It is one of a number of international companies SEEK has invested in. The company expects each of the investments to deliver solid growth.

SEEK said the acquisition will be paid for in SEEK Asia funds held in escrow.

Now that SEEK Asia is a majority shareholder, it will be able to appoint an extra director to the Jobs DB board, giving it control over three of the five positions.

Consolidated Media Holdings (ASX:CMJ), Macquarie Capital and Tiger Global all also have stakes in SEEK Asia.

SEK shares stayed flat in Friday's trading to $6.890.

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Tags acquisitionsSEEK LimitedJobs DBSEEK Asia

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