HeadHunter Group to Acquire Russian Job Classified Platform Zarplata.ru.
M2 EQUITYBITES-November 25, 2020-HeadHunter Group to Acquire Russian Job Classified Platform Zarplata.ru
(C)2020 M2 COMMUNICATIONS http://www.m2.com
Cyprus-based, Russia-focused online recruitment platform HeadHunter Group plc (NASDAQ: HHR) (MOEX: HHRU) has entered into a sale and purchase agreement to acquire Russian job classified platform LLC Zarplata.ru, the group said.
HeadHunter has entered into a sale and purchase agreement to acquire 100% of the issued charter capital of LLC Zarplata.ru from Hearst Shkulev Digital Regional Network B.V. for a total purchase price of RUB 3.5bn (USD 46.34m) in cash subject to customary price adjustments at closing as well as limited post-closing escrow arrangements.
The Federal Antimonopoly Service of Russia has approved the acquisition and completion is expected to occur by the end of January 2021, subject to customary closing conditions.
Zarplata is a job classified platform with a strong footprint in certain Russian regions, such as Siberia and the Urals.
It was formed by consolidating local city portals.
Revenue generated by Zarplata in its key regions is comparable with HeadHunter's revenue in those geographies.
In 2019, Zarplata generated total revenue of RUB 854m according to Zarplata's unaudited non-IFRS internal data.
Based on the company's diligence of Zarplata to date, the company has concluded that Zarplata's revenue recognition policy is similar to IFRS, however there can be no assurance that this policy was applied consistently in historical periods.
The company believes the acquisition will accelerate HeadHunter's development in key strategic areas such as increasing penetration in the Russian Regions and outreach to blue collars and SMAs.
Zarplata will operate separately from HeadHunter and will remain accessible at its...
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