Trinity Mirror confirms offer for Hotgroup
Trinity Mirror, the publisher of the Daily Mirror and a string of regional newspapers, is adding to its online recruitment portfolio with the acquisition of Hotgroup for £50.5m.
The deal is expected to be signed between the pair shortly, subject to approval of Hotgroup's shareholders.
Hotgroup, which has both offline and online businesses, such as the Workthing.com brand, has around two million registered users and one million searchable CVs.
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The online division alone, which includes the Planetrecruit, Jobsfinancial and Hotrecruit businesses, has around one million unique users.
Tony Reeves, chairman and chief executive of the Hotgroup, said: “The cash offer from Trinity Mirror represents an opportunity for shareholders to benefit from a significant premium to the price prior to the announcement that we had received an approach.
The deal follows hot on the heels of Trinity Mirror’s recent acquisition of Gaapweb.com, an online recruitment firm for the accounting and finance industry, and Smartnewhomes.com.
Sly Bailey, Trinity Mirror chief executive, added: “We see exciting opportunities for the management and continued development of the Hotgroup alongside our existing recruitment advertising businesses and the acquisition is consistent with our strategy of growing Trinity Mirror’s core classified franchises both on- and off-line.”
By Kevin May
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