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SEEK unit completes Asian acquisition

SEEK unit completes Asian acquisition

Online job advertising company SEEK Limited (ASX:SEK) said its 69%-owned subsidiary, SEEK Asia, has completed the acquisition of a majority stake in Jobs DB.

SEEK Asia paid HK$1.59 billion ($204.5 million) for a 60% stake in Jobs DB, having acquired 40% in December last year and completed the conditions required to obtain the remaining 20%.

Jobs DB is a job listing site that operates in markets including Indonesia, Malaysia, Hong Kong and Singapore.

It is one of a number of international companies SEEK has invested in. The company [[xref:http://www.cfoworld.com.au/news/534123/seek-expects-solid-international-growth/ |expects each of the investments|CFOWorld]] to deliver solid growth.

SEEK said the acquisition will be paid for in SEEK Asia funds held in escrow.

Now that SEEK Asia is a majority shareholder, it will be able to appoint an extra director to the Jobs DB board, giving it control over three of the five positions.

Consolidated Media Holdings (ASX:CMJ), Macquarie Capital and Tiger Global all also have stakes in SEEK Asia.

SEK shares stayed flat in Friday's trading to $6.890.

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Tags ASX:SEKonline advertisingSEEK LimitedMergers and acquisitions

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