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Apollo Global Management, Ontario Teachers´ Group to Acquire a Controlling Stake in US Jobs Portal CareerBuilder
Monday 19 June 2017

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%.

The proposed transaction is expected to close in 3Q17, subject to regulatory approvals and customary closing conditions. Apollo's investment is being made by the Apollo-managed Special Situations I fund.

CareerBuilder is a global, end-to-end human capital solutions company focused on helping employers find, hire and manage great talent.

Combining advertising, software and services, CareerBuilder leads the industry in recruiting solutions, employment screening and human capital management. It also operates top job sites around the world.

CareerBuilder and its subsidiaries operate in the United States, Europe, South America, Canada and Asia.

The transaction includes committed financing from Credit Suisse, Barclays, Deutsche Bank, Citigroup Global Markets and Goldman Sachs and Co. LLC; all are also acting as financial advisors to Apollo, along with LionTree Advisors and PJT Partners.

Morgan Stanley and Co. is acting as financial advisor to CareerBuilder. Akin Gump Strauss Hauer and Feld LLP and Paul, Weiss, Rifkind, Wharton and Garrison LLP are acting as legal advisors to Apollo. Wachtell, Lipton, Rosen and Katz LLP is acting as legal advisor to the sellers.