Monster Worldwide Purchases ChinaHR

monster shells out $174 million to complete aquisition

Wed, Oct 8, 2008

Monster Worldwide has announced the completion of their acquisition of job site ChinaHR.

On Wednesday Monster said they had purchased the remaining 55 percent stake for $174 million in cash.

At first Monster purchased a 40 percent stake in ChinaHR in 2005 for $50 million and then another 5 percent in January 2006.

“This is a significant day for Monster and ChinaHR and the customers we serve,” Sal Iannuzzi, chief executive of Monster Worldwide, said in a statement. He also said that Edward Lo, Executive Vice President of Monster Greater China, will take over as the interim Chief Executive Officer of ChinaHR, which operates 12 offices across China.

According to Analysys International, the three job boards with the largest market share in China are 51Job, ChinaHR, and Zhaopin.com, in that order. For the first quarter of 2007, Analysys had placed ChinaHR’s value at about $31 million.

Acquisitions, ChinaHR, Job Boards, MNST, Monster

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This post was written by:

Vanessa Dennis - who has written 204 posts on Cheezhead.

Vanessa Dennis, originally from Austin, Texas, was a corporate recruiter for two years before becoming a writer for Cheezhead.com. Vanessa has an English Writing degree from Loyola University of New Orleans. She currently lives with her family in Cleveland.

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