China: Career platform Zhaopin to merge with Seek in PE-backed privatisation move

Pedestrians walk along Wall Street near the New York Stock Exchange (NYSE) in New York, U.S., on Monday, Oct. 31, 2016. Photographer: Michael Nagle/Bloomberg

NYSE-listed Zhaopin Limited, a career platform in China, will be delisted in a privatisation deal led by controlling shareholder SEEK International Investments along with Zebra Mergerco, Ltd, incorporated by Hillhouse Capital Management and FountainVest Partners affiliates.

Andrew Bassat, CEO and Co-Founder of SEEK said, “We are very excited to be partnering with leading Chinese private equity investors Hillhouse and FountainVest who each have strong track records of success in China.”

SEEK International owns approximately 61.2 per cent of the issued and outstanding shares and 74.5 per cent of the outstanding voting power of Zhaopin.

The buyer group will see the acquisition of all outstanding shares in the NYSE-listed for a cash consideration along with special dividend.

The cash consideration for outstanding ordinary shares under this offer amounts to $118.67 million. 

It will equal $9.10 per ordinary share and $18.20 per American Depositary Share of Zhaopin, which represents two shares each. 

This represents a 14.2 per cent premium over the closing price of $15.94 per ADS, as quoted by the New York Stock Exchange (NYSE) on 16 February 2017, the last trading day prior to Zhaopin’s announcement.

With a market capitalisation of $984.6 million, the firm posted $73.3 million in revenue for Q2 FY 2017 in its latest report. It claims a base of 129.5 million registered users. It conducted its initial public offer (IPO) on the NYSE in 2014. 

Also Read:

IPO Dealbook: China Yuhua targets $245m IPO; NYSE-listed Zhaopin Ltd discusses privatisation

Australia’s Seek, Hillhouse Capital & FountainVest in talks to buy out Chinese jobs site Zhaopin

Chinese recruitment platform Zhaopin rallies on Sequoia-backed bid of more than $1.1b

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.