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Monster Announces Sale Of Remaining Ownership Stake In South Korean Business

The following excerpt is from the company's SEC filing.

Sale Price of Approximately $85 Million, or 101 Billion South Korean Won

Unlocks Shareholder Value at Substantial Premium to Monster’s Current EBITDA Multiple

Sale Increases Company’s Liquidity and Provides Financial Flexibility

Transaction Expected to Close in October 2015

- Monster Worldwide, Inc. (NYSE:MWW) announced today that it has entered into an agreement to sell its 50.01% ownership position in its South Korean operation, JobKorea, to H&Q Korea for approximately $85 million. The transaction is expected to close in October 2015. In Decemb er 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.

Tim Yates, President and Chief Executive Officer of Monster, said, “This transaction reflects our commitment to our strategy of focusing on our core value proposition while also demonstrating the underlying value of Monster’s global enterprise. We have enjoyed our ten year relationship with the management and operating team at JobKorea and our two year partnership with H&Q Korea. We wish them well as they build on their leading position in Korea’s online recruitment market...