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Company News Summary

SEEK Reduces its Ownership Interest in Zhaopin

23 Feb 2021  |  18:59:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: SEEK reduces its ownership interest in Zhaopin

SEEK announced that it has entered into an agreement to reduce its ownership interest in Zhaopin ("the Transaction"). The transaction is a continuation of SEEK's strategy to manage its portfolio and create the right structure to support Zhaopin's long-term growth aspirations. At completion of all Transaction steps, Zhaopin's ownership structure (fully diluted unless otherwise stated) will be: SEEK will own 23.5% (previously 61.1% undiluted), Consortium led by Primavera will own 76.5% (inclusive of a partial share rollover and additional investment from existing investors). At completion, none of the shareholders will hold a controlling interest. Zhaopin continues to deliver good earnings growth and its lead indicators are showing improving performance in FY21.

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