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International recruitment business Stepstone is to buy the bulk of the assets of online recruitment company Saongroup, according to the Sunday Times. The deal is expected to be completed by the middle of September and could be worth up to €40 million based on industry averages, the paper said.
Stepstone, which is owned by German media group Axel Springer, is not buying Saongroup’s Asian assets. The German group is continuing to drive its consolidation of the online recruitment business in Europe and paid €132 million for UK recruiter Totaljobs last year.
Saongroup was founded in Ireland in 1995 with one jobsite, Irishjobs.ie, and now runs 500 websites across 30 countries in Europe, Africa, Asia and the Americas employing over 3,000 staff across the globe. Stepstone is acquiring Irishjobs.ie, as well as the group’s sites in the UK, Luxembourg, and in 10 Central Amercian markets; including Jamaica, Costa Rica, and Guatemala.
Saongroup will retain its Asian assets which include ChinaHR. In January 2013, it was reported that Saongroup purchased 90% of online recruitment giant Monster Worldwide’s jobs listing website ChinaHR for a reported €25 million.
When contacted by Staffing Industry Analysts for further details Nigel Heneghan, of Heneghan PR, Saongroup's PR company, declined to provide a comment.