Seek (ASX:SEK) acquires 40% of Mexican counterpart
- 11 August, 2010 17:30
Online job classifieds company Seek Limited (ASX:SEK) has acquired a 40% stake in Online Career Center Mexico for US$40 million ($43.8 million).
As part of the transaction, Seek will take two of the Mexican employment website's five board seats.
The investment was funded through Seek's $250 million bank debt facility. The company said it expects the investment to be earnings per share positive in FY11.
“Seek has continued to look for opportunities to expand its international footprint in investment markets,” Seek director of corporate strategy Jason Lenga said.
Mexico was considered to be a potentially lucrative market, he added.
SEK shares have today fallen 3.15% to $7.390.