Mail.ru Group has sold Headhunter for 10 billion rubles

Mail.ru Group has sold Headhunter for 10 billion rubles


Moscow. On 26 February. Mail.ru Group sold 100% of the recruiting service Headhunter consortium of investors led by Elbrus Capital for RUR 10 billion, the report said the Internet company.

The transaction was closed on February 25, and Mail.ru received the first tranche in the amount of 5.5 billion rubles. The second tranche of 4.5 billion rubles will be transferred until April 30, his payoff is not circumscribed by any conditions.

As at 31 December 2015 total debt Mail.ru (without Headhunter) amounted to 15.2 billion rubles, the funds in the accounts – 8.3 billion rubles, accordingly, net debt of 6.9 billion. Thus, as a result of the transaction balance of funds on accounts by the end of April will exceed the debt.

Mail.ru already tried to sell Headhunter “Elbrus” – in November 2014, the company announced the conclusion of a transaction in the amount 9,85 billion rubles. Its completion was expected in the first quarter of 2015, but in April 2015 Mail.ru reported that it did not take place. About new talks Mail.ru and the investment Fund was not reported.

Earlier Mail.ru trying to sell an online service to the General Director of “MegaFon” Ivan Taurino. In April 2014 he received an option to purchase Headhunter in the framework of the sale Mail.ru 12% stake in the social network “Vkontakte”. The term of the option expired on June 14, 2014, but He didn’t take it.

Mail.ru owned business Headhunter operating in Russia, Ukraine, Kazakhstan, Belarus and Azerbaijan, for the past 7 years. During this time, monthly service attendance grew from 4 to 19 million unique visitors, resume database – 3 to 19.7 million, the base of vacancies from 70 to 300 thousand

In 2015 the Headhunter’s revenue fell 1.5% to 3 billion rubles, while EBITDA decreased by 2.5% to 1.5 billion roubles. At the same time in the second half of the year revenue increased by 2.4%, amounting to 1,6 billion rubles, while EBITDA decreased by 2.3% to 795 million rubles.

Mail.ru wanted to get rid of HeadHunter for two reasons, said sources familiar with the situation. First, his business does not fully meet the strategy Mail.ru – communitaiment (communications + entertainment) in which the company focuses on the development of communication and entertaining Internet services. The second reason is the lack of participation Mail.ru in the operation management HeadHunter.