Monday 19 June 2017

Certain affiliates of investment funds managed by affiliates of US-based private equity firm Apollo Global Management, LLC (NYSE: APO), Canadian pension fund the Ontario Teachers' Pension Plan board and US-based jobs portal CareerBuilder, LLC have entered into a definitive agreement, pursuant to which an investor group led by Apollo along with Ontario Teachers' will acquire a majority of the outstanding equity interests in CareerBuilder, the principals said on Monday.
CareerBuilder's current owners, US-based media firms Tegna Inc., Tribune National Marketing Co, LLC and McClatchy Interactive West will retain a minority interest. In May, Reuters reported that Apollo was in talks to buy Careerbuilder, in a possible deal that would value the company at more than USD 500m. Terms of the deal were not released by Apollo, but some details have been released by a couple of the sellers. Tegna said it should see USD 250m from the deal, which will reduce its stake from 53% to 12.5%. Tribune said it will receive USD 157m in the deal, which will reduce its stake from 32% to 8%.