Australia’s Seek seeks to buy JobStreet for $524 million


Australia’s Seek seeks to buy JobStreet for $524 million

Australia’s online employment marketplace Seek is looking to fully acquire its pan-Asian counterpart Jobstreet for US$523.5 million, according to the Wall Street Journal. The deal will see Seek buying the remaining 78 percent of Malaysia-based JobStreet that it doesn’t already own.

With the full JobStreet acquisition, Seek will have more reach into Malaysia, Singapore, Indonesia, and Vietnam. In December last year, Seek also bought 60 percent of JobsDB from Hong Kong-based JDB Holdings for about US$206 million.

Elsewhere in Asia, Seek also owns 78.2 percent of Chinese recruiting portal Zhaopin, which is looking to IPO soon and could raise over US$200 million.

The Asian HR market is hotly contested. US-based Careerbuilder is also fighting for a slice of Southeast Asia, acquiring Jobscentral in 2011 for an undisclosed sum.

(Source: WSJ)

(Editing by Steven Millward)

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