Seek is buying out News Corp’s share in Seek Asia

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Australian jobs site Seek is taking the rest of Seek Asia it doesn’t own by acquiring the remaining 13.75% of shares from News Corporation.

The $157 million will increase ownership in Seek Asia to 100% from 86.25%. Seek Asia’s revenue grew 4% to $70.8 million for the half year to December.

“Seek’s recent changes in organisational structure will lead to Seek Asia being more integrated in the AP&A structure,” says Andrew Bassat, CEO and Co-Founder of Seek.

“We are very excited about the growth potential for Seek Asia which operates in seven high growth countries across the region. This business has managed a complex integration and we are already seeing good operational and financial results from our recent reinvestment.”

A short time ago, Seek shares were up 1% to $19.79.

Seek earlier this month posted a 27% rise in half year revenue to a record $620.3 million and a 21% lift in profit to $102 million.

Then Bassat told Business Insider the company is seeking investment that translates directly into growth and financial results.

The company last month announced a management restructure and created a unit dedicated to managing and making investments. Bassat plans to spend a significant amount of his time in the unit.

On Seek Asia, he said: “Seek Asia’s operational and financial results are gaining momentum from continued business evolution and improving macro conditions.”