Private equity firm H&Q Korea has closed its buy of a minority stake in JobKorea for $90 million. JobKorea is a career website and Monster Worldwide‘s South Korean operations.
NEW YORK & SEOUL, South Korea–(BUSINESS WIRE)–Monster Worldwide, Inc. (NYSE:MWW), today announced the completion of the sale of 49.9 percent of JobKorea, Monster’s South Korean operations and the leading career website in the country, for an aggregate purchase price of $90 million to H&Q Korea, a leading private equity firm in Korea. The agreement for this sale was announced in November 2013.
Monster will retain management control of the company and leverage H&Q Korea’s expertise and extensive Asian Pacific regional network to enhance and grow this profitable business.
“This transaction continues to serve as an example of the underlying value of the global Monster enterprise,” said Sal Iannuzzi, chairman, president and chief executive officer of Monster Worldwide. “We look forward to partnering with H&Q Korea to grow the business in Korea and explore potential opportunities together throughout the region.”
Monster plans to return a significant portion of the proceeds to shareholders through share repurchases as a component of its continued efforts to enhance shareholder value.
About H&Q Korea
Established in 1998, H&Q Korea is an affiliate of H&Q Asia Pacific. H&Q Asia Pacific is a leading Asian private equity firm that has managed an aggregate of over $2.7 billion in committed capital since its inception in 1985. H&Q Korea is a pioneer in the development of Korea’s private equity industry and is one of the top private equity managers in the country. Specialized in mid-market transactions in Korea, H&Q Korea has raised 3 country-specific funds since 2005 with a total committed capital of KRW1.3 trillion ($1.2 billion).
About Monster Worldwide
Monster Worldwide, Inc. (NYSE:MWW), is the global leader in successfully connecting job opportunities and people. Monster uses the world’s most advanced technology to help people Find Better, matching job seekers to opportunities via digital, social and mobile solutions including monster.com®, our flagship website, and employers to the best talent using a vast array of products and services. As an Internet pioneer, more than 200 million people have registered on the Monster Worldwide network. Today, with operations in more than 40 countries, Monster provides the broadest, most sophisticated job seeking, career management, recruitment and talent management capabilities globally. For more information visit about-monster.com.