SEEK Limited (ASX:SEK) entered into a share purchase agreement to acquire an additional 16.8% stake in Zhaopin Ltd. from Macquarie Capital Group and other individual shareholders for approximately $110 million on January 10, 2013. At completion, Macquarie Capital Group will no longer hold an equity interest in Zhaopin. SEEK will also launch an offer to acquire additional shares to potentially increase its ownership in Zhaopin from 72.3% to 79% with this transaction to be funded via SEEK's cash & debt facilities. Financing includes $55 million to be funded via Zhaopin's cash balance and $50 million to be funded via SEEK's cash and debt facilities. SEEK will have typical majority shareholders' rights including the right to appoint the majority of Directors to the Zhaopin Board and the right to declare dividends. The transaction is subject to satisfaction of certain completion conditions and is expected to be completed by February 28, 2013. Transaction will be earnings per share accretive in fiscal year 2013 on a cash basis. As on January 31, 2013, Macquarie Capital Group completed the sale its stake in Zhaopin Ltd.

Amy Sullivan of Haystac acted as PR advisor to SEEK in the transaction. Nick Sims of Goldman Sachs acted as financial advisor for SEEK Limited. Macquarie Capital Advisers Limited acted as financial advisor to Macquarie Capital.