51job Stake Sold to Japan’s Recruit
NEW YORK — 51job Inc., which publishes a leading employment paper in mainland China, said Wednesday certain shareholders have agreed to sell a 15 percent stake to Recruit Co. Ltd., a privately held Japanese human resource services company, as part of a wider strategic alliance between the two companies.
Under terms of the agreement, Recruit has agreed to buy 8.5 million 51job shares at a price of $13 per share, or $26 per American depository share. The deal also gives Recruit the option to buy another 25 percent of 51job over a three-year period.
Shares of 51Job rose $2.29, or 12.9 percent, to $20.00 before the bell. The Shanghai, China-based company also lists job online and provides executive search services.
The two companies said they will set up a planning group within 51job to assess human resources opportunities and other new businesses in China. Recruit will also be involved in 51job’s business development activities and cooperate in certain new business areas, 51job said.
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