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.