Seek increases presence in China
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Online job ad company Seek is increasing its stake in Chinese employment website Zhaopin as it continues a global expansion.
Seek will buy Zhaopin shares from Macquarie and other exiting shareholders for $US105 million ($A99.52 million) to take its ownership level from 55.5 per cent to 72.3 per cent, it said on Friday.
The company will then launch an offer to other Zhaopin shareholders that could further increase its ownership to about 79 per cent.
"Zhaopin is a leading player in many of China's geographic regions and across several key online metrics," Seek International managing director Jason Lenga said in a statement.
"As China's urbanisation and internet penetration increases, we expect it will be the world's largest online employment marketplace."
The share purchase will be funded from both Zhaopin and Seek's cash balances, Seek said.
The company also said James Packer's Consolidated Press Holdings will not be selling its stake in Zhaopin as part of these transactions.
The deals are expected to be completed by the end of February.