News: Seek launches Asian arm and makes acquisiti

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Seek Ltd (ASX:SEK) has launched a newly formed subsidiary, SEEK Asia, in which it holds a 69 per cent ownership.

The remaining 31 per cent is held by Consolidated Media Holdings Ltd, Macquarie Capital and Tiger Global.

Through its Asian subsidiary, Seek has acquired 60 per cent of Southeast Asian online employment firm JobsDB for $206 million.

The remaining 40 per cent of JobsDB will continue to be held by its vendor JDB Holdings.

SEEK Asia will acquire 40 per cent JobsDB shares today, with the remaining 60 per cent to be acquired in early 2011.

SEEK's chief executive Andrew Bassat says the transaction expands the company's presence in the high growth, emerging region of Southeast Asia.

For the year ended 30 June 2010, Seek reported a net profit of $89.5 million.