SEEK buy-out of News Corp from Asia arm makes sense

Original article by Max Mason
The Australian Financial Review – Page: 15 : 6-Mar-18

Online jobs advertiser SEEK will pay $A157 million to buy News Corp’s 13.75 per cent stake in its Asian business. SEEK CEO Andrew Bassat says News Corp had been a "great partner", and that moving to 100 per cent ownership of SEEK Asia "just made sense". SEEK will use existing debt facilities to fund the transaction, which is due to be completed by 16 March. SEEK had revenue of $A620.3 million for the first half 2017-18, of which its international businesses contributed $A340.1 million.

CORPORATES
SEEK LIMITED – ASX SEK, SEEK ASIA, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS

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