Following the investment in OAM, SEEK will appoint one Director to the Board, hold typical minority shareholder protections and will account for OAM as an Associate. The investment has been funded via SEEK’s cash reserves. Post-investment SEEK’s Net Debt balance is A$260m.
About One Africa Media
OAM owns, operates and invests in a portfolio of leading online marketplaces across Jobs, Cars, Real Estate and Travel, comprising of:
- Jobs: Jobberman (Nigeria) & Brighter Monday (Kenya)
- Cars: Cheki (Kenya, Nigeria)
- Real Estate: Private Property (South Africa, Nigeria)
- Travel: Safari Now (South Africa)
OAM’s businesses and operations are in countries with rapidly growing internet and mobile
penetration rates. OAM has a track record of revenue growth but is investing in building marketplaces and is not currently profitable. OAM will utilise the majority of SEEK’s investment to fund further growth in its portfolio and will continue to re-invest to capture the large market opportunities across Africa. Post-transaction, OAM will have a cash balance of ~US$22m.
About the transaction
Jason Lenga, Managing Director of SEEK International said:
“Africa presents a strategic opportunity to benefit from the significant long-term growth opportunities for online classifieds businesses. Internet and mobile penetration are growing rapidly and key economies within the region are experiencing substantial increases in GDP. This investment is in early stage, market leading businesses that position One Africa Media to benefit from both the economic and structural growth in the region.”
“We are pleased to be once again partnering with Tiger Global, as well as Carey Eaton (former CIO of SEEK) who is a Co-Founder of OAM. Carey lives in Kenya and is leading OAM’s efforts in Kenya and Nigeria.”
