Monster To Sell Remaining Stake In South Korean Business

(RTTNews) - Monster Worldwide Inc (MWW), a provider of online and mobile employment solutions, on Monday said it has agreed to sell its 50.01% ownership position in its South Korean operation, JobKorea, to H&Q Korea for about $85 million. The transaction is expected to close in October 2015.

In December 2013, H&Q Korea acquired 49.99% of JobKorea from Monster and since that time the two companies have worked in partnership in managing the business. The sale of Monster's remaining stake in the operation is consistent with Monster's continued strategy of unlocking value and sharpening its focus on its core online recruitment platform.

The company has historically consolidated the results of JobKorea. For its third and fourth quarter 2015 financial statements, the company will present JobKorea's financial results as a discontinued operation. The financial impact to net income from continuing operations for the third quarter of 2015 related to JobKorea is expected to be $0.01 per share.