FDN Database Reference: F231109-318
Acquirer: Monster Worldwide
ACQ Web: http://www.Monster.com
Other Web Links: Twitter, Facebook
Location: USA, Maynard, MA
Region: North America
Description: Monster Worldwide, Inc. (NYSE: MWW) is the parent company of Monster®, the global online employment solution. Has a local presence in key markets in North America, Europe, Asia and Latin America.
Contact: Sal Iannuzzi, chairman, chief executive officer and president of Monster Worldwide
Vendor Web: http://www.yahoo.com
Other Web Links:
Location: USA, Sunnyvale, CA
Region: North America
Business Sold: Yahoo! HotJobs
Description: Online employment solutions recruitment and advice
Contact 1: Hilary Schneider, EVP, Yahoo!
Contact 2: Carol Bartz, CEO
Contact 3: Roy J. Bostock, Chairman
Aprox. Value: $225,000,000
Details: Monster Worldwide has entered into a definitive agreement to acquire the assets of Yahoo! HotJobs for $225 million in cash. Monster and Yahoo! have also entered into a three year commercial traffic agreement, to take effect upon the closing of the acquisition, in which Monster will become Yahoo!’s provider of career and job content on the Yahoo! homepage in the United States and Canada. The traffic agreement calls for performance based annual payments calculated by clicks and expressions of interest, subject to annual floors and ceilings. In addition, the traffic agreement provides Monster with an exclusive right for a period of time following the closing of the acquisition to negotiate similar traffic agreements with Yahoo! properties on a global basis, including countries in Europe, Asia and Latin America, subject to certain limitations. The transaction is subject to clearance under Hart-Scott-Rodino Antitrust Improvements Act and other customary closing conditions. The transaction is currently expected to close sometime during the third quarter of 2010, subject to regulatory review. Monster expects to realize operating synergies from the acquisition and currently anticipates the transaction will be breakeven on a pro forma full year earnings in 2010 and accretive thereafter, inclusive of the costs incurred under the traffic agreement.
Link: Press Release
Advisors: Stone Key Partners LLC and Bank of America Merrill Lynch acted as financial advisors to Monster in connection with this transaction. Allen & Company LLC provided a fairness opinion to Monster’s Board.
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