O’Melveny Represents SEEK Limited in connection with Strategic Investment from Primavera in Zhaopin and Sale of Zhaopin to Primavera-led Consortium
March 4, 2021
FOR IMMEDIATE RELEASE
HONG KONG—March 4, 2021—O’Melveny recently represented SEEK Limited in connection with a series of transactions that, when completed, will result in a consortium of investors owning 76.5% of the stake in Zhaopin and SEEK Limited, a Australian-listed recruitment company, selling down its Zhaopin ownership to 23.5%. The consortium consists of Primavera, FountainVest and Zhaopin management.
The transaction is structured as a sale of Zhaopin’s PRC operating company, Beijing Wangpin, which will become a joint venture jointly owned by SEEK, the new investors and management.
The transaction is expected to close in the first quarter of 2021.
O’Melveny also represented SEEK in the 2017 going private transaction through which it, alongside Hillhouse and FountainVest, effected the privatization of the former NYSE-listed company.
SEEK Limited and its subsidiary companies focus on facilitating the matching between jobseekers and employment opportunities and helping hirers find candidates for advertised roles. SEEK also invests globally in early stage businesses and technologies. Headquartered in Melbourne, Australia, SEEK operates in 18 countries and is a publicly traded company listed on the Australian Securities Exchange (ASX: SEK).
As the leading online recruitment platform, Zhaopin has 230 million individual users, 6.16 million corporate customers, 6.3 million daily active users and 7.8 million daily job postings on average. After 26 years of development, Zhaopin has transformed from an online recruitment website to a career development platform and further now evolved to an ecosystem for talents. The company has also accelerated its investment in algorithm technology to elevate its communications efficiency and intelligent matching. At the beginning of 2021, Zhaopin unveiled a new corporate vision of "Let Value be Seen", showcasing its commitment to offering more caring and effective human resource solutions.
The O’Melveny team is led by M&A partner Nima Amini, corporate counsel Alan Bao and Nolan Shaw and corporate associates Jhe-yu Su and Qianru Hong. The team also included tax partner Chris Del Rosso, and corporate associate Hilda Leung.
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