Seek Limited (AU:SEK) has released an update.
SEEK Limited has announced the sale of its majority stakes in Latin American companies OCC Mexico and Brasil Online to Spain’s Red Arbor Holding for a total cash consideration of US$85 million, with the transaction expected to close by the end of June 2024. The sale is anticipated to result in a net loss of A$15-35 million after tax for SEEK, but the company plans to use the sale proceeds to reduce its debt. Despite the sale, SEEK’s full-year financial guidance remains unchanged as the results from the sold entities will be classified as Discontinued Operations.
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