Monster, CareerBuilder to combine

Monster and CareerBuilder will merge later this year, the companies announced Tuesday.

The former is Randstad’s job board business; the latter is a portfolio company of funds managed by affiliates of Apollo.

Under the terms of the agreement, existing CareerBuilder investors will hold a controlling interest in the joint venture, and Randstad will hold a minority equity interest, the announcement said.

Senior leaders from both companies will make up the management team of the combined entity. No other decisions, including branding of the combined company, were announced.

Assuming the agreement receives regulatory approval, the combination should occur in the third quarter of the year, the companies said.

The combination “brings together two strong, trusted and complementary brands to create a job board with greater scale and reach,” according to the press release. “As the world of work continues to evolve, this combination will allow both businesses to benefit from shared resources and solutions to deliver greater value and opportunities to both talent and employers.”