Seek has entered into a binding agreement to increase its ownership in Seek Asia from 86.25% to 100% by acquiring the remaining 13.75% of shares from News Corporation.
Andrew Bassat (pictured), CEO and co-founder of Seek, said, “We are very pleased to move to 100% ownership in Seek Asia. Seek’s recent changes in organisational structure will lead to Seek Asia being more integrated in the AP&A structure. Against this backdrop, this transaction is a logical outcome for both News Corporation and Seek and I would like to thank News Corporation for being a valuable partner.
“We are very excited about the growth potential for Seek Asia which operates in seven high-growth countries across the region. This business has managed a complex integration and we are already seeing good operational and financial results from our recent reinvestment. We hope to see this improvement accelerate over time as we launch new products and services at a faster rate to better meet the needs of candidates and hirers.”
Bassat said the transaction is expected to be completed by March 16, 2018 and will be funded by existing debt facilities.