Monster Worldwide (MWW) Will Sell Remaining Stake in JobKorea

Monster Worldwide (NYSE: MWW) announced that it has entered into an agreement 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 in October 2015. In December 2013, H&Q Korea acquired 49.99% of JobKorea from Monster and since that time the two companies have worked in partnership in managing the business. The sale of Monster's remaining stake in the operation is consistent with Monster's continued strategy of unlocking value and sharpening its focus on its core online recruitment platform.

Tim Yates, President and Chief Executive Officer of Monster, said, "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. We have enjoyed our ten year relationship with the management and operating team at JobKorea and our two year partnership with H&Q Korea. We wish them well as they build on their leading position in Korea's online recruitment market and look forward to the opportunity to continue working together through our 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."

The Company has historically consolidated the results of JobKorea. For its third and fourth quarter 2015 financial statements, the Company will present JobKorea's financial results as a discontinued operation. The financial impact to net income from continuing operations for the third quarter of 2015 related to JobKorea is expected to be $0.01 per share.

You May Also Be Interested In

• Safe & Green (SGBX) Provides Update on Audit and Planned 10-K Filing
• Super Micro Computer (SMCI) Falls 6%
• Mondi Says It Does Not Intend To Make An Offer For DS Smith