The transaction involves SEEK transferring assets valued at $1.2 billion, comprising its holdings in Online Education Services and 14 early stage ventures, to the new fund. The SEEK Growth Fund will also raise $460 million to fund future investments, consisting of a further $200 million investment by SEEK and $260 million from SEEK Growth Fund’s management team and third-party investors.
Our Corporate and M&A team, led by partner Jonathan Wenig and assisted by lawyers Noah Lipshut, Michelle Ainsworth and Megan Hosiosky, advised on all aspects of the transaction. Jonathan commented on the firm’s involvement: “We’re pleased to have advised SEEK on this unique corporate restructure. The establishment of SEEK Growth Fund as a standalone business will allow SEEK shareholders to maintain an exposure to a high quality, independent investment business, while also providing the fund with an opportunity to maximise value in a private setting”.
SEEK Group chairman Graham Goldsmith said: “As an independent entity, the Fund can make the long-term investment decisions required to build large and sustainable businesses. With greater access to capital, the team can support the existing portfolio and make new investments in the human capital management sector”.
The new fund will be led by the former managing director and co-founder of the SEEK Group, Andrew Bassat, who has stepped down from executive duties at SEEK as part of an established succession plan.
About Arnold Bloch Leibler
Arnold Bloch Leibler is a premium Australian commercial law firm renowned for advising clients on their most important transactions, commercial issues and disputes. From offices in Melbourne and Sydney, the firm provides advice to a diverse range of entrepreneurial Australian listed companies, private businesses, high-net-worth individuals and international corporations. The firm also has a dedicated public interest practice providing advice to charities and not-for-profit organisations relating to significant legal, social, environmental and cultural issues.