Monster Now Fully Owns ChinaHR.com; Acquires Additional 55% Stake For $174 Million
Monster Worldwide, Inc. (NASDAQ:MNST) has fully acquired all of ChinaHR.com. Monster acquired the remaining 55% stake for $174 million. Monster believes that buying the rest of ChinaHR will give them a leg up on the job recruitment market in China, Taiwan, and Hong Kong.
Monster paid $95 million for 45% of the company in the past. This past year, Monster also acquired Trovix for $72.5 million.
“This is a significant day for Monster and ChinaHR and the customers we serve,” stated Sal Iannuzzi, Chairman, President, and CEO of Monster. “Independently, each company is a respected industry leader and together we will provide employers in China with increased recruitment productivity, by
delivering more qualified candidates to help fulfill their talent needs. This acquisition will create one of the most comprehensive portfolios of products and services that bridge the gulf between employers and people in search of the best career opportunities.”
ChinaHR has 12 offices across China. Edward Lo will become interim CEO of ChinaHR through the acquisition. Lo is the former EVP of Monster Greater China.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry