By: E&P Staff The parent company of Monster.com sold TMP Worldwide Advertising & Communications to Veronis Suhler Stevenson, a media focused private equity firm, for $45 Million.
The sale includes all of Monster Worldwide?s advertising and communications business in the U.S. and Canada, and completes the divesture of the company?s global recruitment advertising agency business.
The company said it will now focus its business on the global expansion and growth of online recruitment.
?TMP Worldwide Advertising & Communications played a key role in driving Monster?s early growth by encouraging its clients to leverage the power and efficiency to the Internet and thereby contributed to the broader secular shift to online recruitment,? Andrew McKelvey, chairman and CEO of Monster Worldwide, said in a statement.
Net proceeds after adjustments, taxes, and transaction costs are expected to be about $25 million. TMP Worldwide Advertising & Communications contributed roughly $40 million in revenue and $6.2 million in operating income for the six-months ending June 30, 2006.
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