11 Jan 2013

Seek to increase presence in China

1:53 pm on 11 January 2013

Online job ad company Seek is buying a greater stake in Zhaopin, a Chinese employment website, for $US105 million.

Seek said on Friday it will buy Zhaopin shares from Macquarie and other shareholders for $US105 million to take its ownership level from 55.5% to 72.3%.

AAP reports the company will then launch an offer to other Zhaopin shareholders that could further increase its ownership to about 79%.

"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.

The purchase will be funded from both Zhaopin and Seek's cash balances, Seek said.

The deals are expected to be completed by the end of February.