NEW YORK — The parent company of Monster.com, a leading online job-hunting and recruitment portal, is buying rival HotJobs.com for about $460 million in stock.
"Monster and HotJobs will be a formidable combination in the online recruitment industry, with a total of more than 14 million resumes and more than 650,000 jobs," the company said in a statement.
TMP, a New York-based recruitment firm, said it intends to maintain HotJobs.com as a stand-alone site and brand.
David Rosa, a spokesman for TMP Worldwide, declined to comment about whether any jobs would be cut as a result of the merger.
"At this point, we're not prepared to make a statement along those lines," he said, adding that TMP is committed to "growing."
Just last month, TMP purchased privately held commercial career site FlipDog.com from Provo-based WhizBang! Labs Inc.
TMP, which also is a provider of direct marketing services, has 9,500 employees in 32 countries. HotJobs has 665 workers. Monster.com is based in Maynard, Mass.
Under the agreement, expected to close in the fourth quarter, shareholders of New York-based HotJobs will receive 0.2195 shares of TMP common stock for each HotJobs share held. That valued HotJobs at about $12.20 a share, based on TMP's 10-day average share price of $55.63. TMP said it anticipates issuing 8.3 million new shares to pay for the deal.