Australian job board SEEK (SEK: ASX) announced today that SEEK Asia, a majority owned subsidiary, has finalised the acquisition of 100% of the online employment business of Malaysia-headquartered JobStreet.

The total consideration paid by SEEK Asia was MYR 1.89 billion (USD 586 million).

SEEK plans to merge JobStreet with its other Southeast Asian job board JobsDB, which has operations in Hong Kong, Indonesia, Malaysia, the Philippines, Singapore, and Thailand.

Jason Lenga, Managing Director of SEEK International, commented: “We are delighted to complete this transaction. Alongside the management teams of JobStreet and JobsDB we are looking forward to delivering more value to jobseekers and employers across Southeast Asia.”

The online employment businesses included in the acquisition are in Malaysia, Singapore, Indonesia, Philippines, and Vietnam.

The acquisition faced several hurdles, particularly in Singapore with the country’s competition commission expressing concerns that the acquisition could impair competition in the country.

Following two public consultations and SEEK agreeing to sell its Singapore job board Jobs.com.sg and implement a three-year price freeze, the competition commission withdrew its objections.