The combination of Monster and CareerBuilder combines two robust, trusted and complementary brands to create a job board with grander scale and reach. As the world of work continues to evolve, this combination will allow both businesses to benefit from shared resources and solutions to deliver more excellent value and opportunities to both talent and employers. Together, both companies can more effectively respond to prevailing trends in the market to deliver enhanced growth.
Under the terms of the agreement, existing CareerBuilder investors, including Apollo Funds, will collectively hold a controlling interest in the joint venture, and Randstad will hold a minority equity interest. The transaction has no material financial impact on Randstad.
The combined entity’s management team will comprise senior leaders from both companies. In due course, additional decisions regarding the combined company, including branding, will be determined.
The agreement is subject to customary regulatory approvals, and the transaction is expected to be completed in the third quarter of 2024.
Scott Gutz, CEO of Monster, said: “Through the combination of Monster and CareerBuilder we combine two trusted brands and best-in-class solutions to create a stronger job board for our talent and employers. Together, we are well positioned to benefit from the rapid growth and evolution in talent acquisition and help candidates and employers find the right fit.”
Jeff Furman, CEO of CareerBuilder, said: “We are thrilled to make this announcement, bringing together two industry leaders to create a force in the market. This strategic move will harness the strengths and expertise of both organizations, enabling us to deliver even greater value to our customers and stakeholders. By uniting our innovative teams and leveraging our complementary capabilities, we are poised to help shape the industry’s future. Together, we are stronger and better equipped to meet the evolving needs of the marketplace.”
In connection with the transaction, PJT Partners served as financial advisor, and Sidley, Vedder Price, and Paul Weiss served as legal counsel for CareerBuilder. Jefferies served as a financial advisor, and Jones Day served as legal counsel for Randstad. PWC and EY also provided financial advice to CareerBuilder and Randstad.
