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Further details have emerged about the agreement by H&Q Korea, a leading private equity firm in Korea, to acquire 49.9% of JobKorea, Monster's South Korean operations and the leading career website in the country, for an aggregate purchase price of $90 million according to Investment Weekly News.
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.
"We are pleased to partner with H&Q Korea in our South Korean business and look forward to working together with them on the growth of the business while exploring potential expansion of the partnership throughout the Asia Pacific region," said Sal Iannuzzi, Chairman, President and Chief Executive officer of Monster Worldwide. "This transaction proves the underlying value of the global Monster enterprise and represents significant opportunity to deliver greater value to our customers."
"H&Q Korea's investment underlines our strategy of focusing on companies with leading market position, solid growth potential and profitability," said Jung Jin Lee, Managing Partner, H&Q Korea. "The combination of JobKorea's unique and industry-leading technology with their strong management team has convinced us that this is a great opportunity to partner with Monster and contribute to the growth of this successful business."
JobKorea is an online career resource in South Korea. Founded in 1996, JobKorea was one of the first to offer online recruiting advertising services and was acquired by Monster in 2005. Today the service has 11 million registered members and 2.8 million listed companies. It continues to lead the industry, most recently launching the first-ever social careers and portfolio platform in South Korea, Welldone.to.
"Our mission has been and remains to successfully connect people and job opportunities," said Hwasoo Kim, founder and General Manager of JobKorea. "We have maintained our leadership position in the Korean career services market for more than 10 years, producing remarkable results with our mobile platform over the last three. H&Q Korea's investment is driven by our dominant market position and a strong conviction that Monster's JobKorea will continue to lead the online recruiting marketplace here."
The transaction is expected to close in late 2013. Monster will continue to consolidate the results of JobKorea. To read about Monster's latest results, click here.