New CareerBuilder buyer on tap?
23 May 2017
There’s a new prospective buyer for CareerBuilder, Reuters reports, one that specializes in “value-oriented [investing] … with significant distressed expertise.”
Apollo Global Management, a private equity firm that’s traded on the NYSE as APO, is in advanced talks to acquire CareerBuilder LLC from Tegna, Tribune Media Co. and the McClatchy Co., Reuters reported Tuesday. In early April, Reuters reported that GTCR Ltd, a Chicago-based private equity firm, was in exclusive talks to buy CareerBuilder, but on Tuesday Reuters said the exclusivity period had lapsed and negotiations with GTCR ended unsuccessfully.
No price was mentioned in the report on Tuesday; last month, Reuters said the sale price was expected to be more than $1 billion.
CareerBuilder has been evolving from a job board to a more comprehensive human resources company, with research and analytics capabilities (Electronic Modeling Specialists Inc. and Broadbean), a background-screening company (Aurico), and after-hiring software (Workterra). It was launched in 1995 and has been headed since 2004 by Matt Ferguson.
“There is no guarantee that Apollo and CareerBuilder will reach a deal,” Reuters reported, based on unidentified sources “familiar with the matter.”
Tegna is majority owner of CareerBuilder, with 53 percent. It is also spinning off Cars.com in a deal to be completed next week. Cars.com will trade on the NYSE as CARS.