Monster Closes Sale Of Minority Stake In JobKorea

(RTTNews) - Online recruitment company Monster Worldwide Inc. (MWW) Thursday closed the sale of 49.9 percent of JobKorea, Monster's South Korean operations and the career website in the country, for $90 million to H&Q Korea, a private equity firm.

Monster will retain management control of the company and leverage H&Q Korea's expertise and extensive Asian Pacific regional network to enhance and grow this business, the company said.

"We look forward to partnering with H&Q Korea to grow the business in Korea and explore potential opportunities together throughout the region," said Sal Iannuzzi, chief executive officer of Monster Worldwide.

Monster said it plans to return a major part of the proceeds to shareholders through share repurchases as a component of its continued efforts to enhance shareholder value.