Monster Worldwide Inc. (NYSE: MWW) agreed to sell its 50.01% ownership position in its South Korean operation, JobKorea, to H&Q Korea for approximately $85 million. The transaction is expected to close this month.

Monster acquired JobKorea.co.kr in 2005 for about $94 million in cash. H&Q Korea acquired 49.99% of JobKorea from Monster in December 2013 and since that time the two companies managed the company together.

“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,” said Monster President and CEO Tim Yates. “We have enjoyed our 10-year relationship with the management and operating team at JobKorea and our two-year partnership with H&Q Korea.”

Monster will continue working with JobKorea through its 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,” Yates said.

Monster ranks third on Staffing Industry Analysts’ 2015 list of largest global job boards.