, parent of the employment Web site Monster.com, got slightly more monstrous Tuesday with the acquisition of JobKorea for about $94 million.
The acquisition will allow New York-based Monster to continue its expansion in Asia, where it already has operations in India, Singapore and China. JobKorea has 3 million registered users and an average of 100,000 job postings, making it the largest site of its kind in South Korea.
"The acquisition of JobKorea marks a significant step in Monster's global expansion strategy and immediately establishes us in one of Asia's fastest-growing markets," said CEO Andrew J. McKelvey.
JobKorea, which was founded in 1996, is expected to generate about $15 million in revenue this year and is profitable. Monster expects the acquisition to immediately add to free cash flow and to contribute as much as $7 million to earnings before interest, taxes, depreciation and amortization next year.
Monster, which has 26 sites in 23 countries, is scheduled to report third-quarter results on Oct. 26. Analysts expect the company to post earnings of 24 cents a share, compared with 17 cents a year earlier, according to Thomson Financial. Sales are expected to rise 9% to $247.7 million.
Monster shares fell 26 cents Tuesday to $28.86.