Four shortlisted bidders submitted their binding offers in the final round of bidding for South Korea’s top online recruiting company JobKorea on Monday (February 22).
CVC Capital Partners, TPG Asia, MBK Partners and Affinity Equity Partners all participated in the final round of bidding. The other bidders shortlisted in December, TA Associates, Permira, and Hanwha Asset Management, did not submit final bids.
Australia’s number one online recruiting company SEEK is reported to be one of several potential buyers that dropped out after studying the target, but it could still partner with financial investors that joined the final round of bidding.
The sale of JobKorea by private equity firm H&Q has been one of the hottest deals in the recent mergers and acquisitions market, with around 10 firms joining the preliminary round of bidding in mid-December. Potential buyers have made management presentations and conducted due diligence since the end of 2020.
JobKorea is estimated to have generated revenue of around 105 billion won ($94 million) and operating income of 46 billion won in 2020, with earnings before interest, taxes, depreciation and amortization (EBITDA) of around 48 billion won.
H&Q reportedly wants to sell JobKorea for around 15 times the company’s EBITDA. (Reporting by Hee-yeon Han)