TeamLease set to buy 30% stake in freshersworld.com
Staffing services firm TeamLease Services will acquire 30 per cent stake in job portal Freshersworld.com at an enterprise valuation of Rs 18 crore, a move that will accelerate its hiring strategy.
"Freshersworld's enterprise valuation is Rs 18 crore and we have taken 30 per cent stake towards that valuation and the acquisition of further stake in Freshersworld or complete exit is linked to future performance and key product milestones over the next three-year period," TeamLease Services executive vice-president Rituparna Chakraborty said.
Generally, enterprise value is a measure of a company's value. The deal is structured as an all-cash tender financed with the existing cash reserves of TeamLease, a company release said, adding the transaction is subject to regulatory approvals and is expected to close before the end of July 2017.