Primavera Capital Group, FountainVest Partners and management of Zhaopin Limited entered into an agreement to acquire a 37.6% stake in Zhaopin Limited from SEEK Limited (ASX:SEK) for approximately AUD 700 million on February 23, 2021. The consortium will be lead by Primavera. Post completion, Primavera Capital Group, FountainVest Partners and management of Zhaopin Limited together will own 76.5% stake, SEEK will reduce its stake to 23.5% stake in Zhaopin. None of the shareholders will hold a controlling interest in Zhaopin. Certain members of the consortium will settle part of the transaction in RMB, the timing of the receipt of which will depend on customary administrative processes with the State Administration for Foreign Exchange in the People's Republic of China. Zhaopin management which will take a meaningful stake via the conversion of pre-existing employee options and investing for more shares. The transaction is subject to the satisfaction of customary conditions precedent for a transaction of this nature in the PRC, including the registration of ownership changes with the PRC's State Administration for Market Regulation. The transaction is expected to complete in H2 2021. The majority of the proceed from the transaction are expected to be received prior to June 30, 2021.

Primavera Capital Group, FountainVest Partners and management of Zhaopin Limited completed the acquisition of a 37.6% stake in Zhaopin Limited from SEEK Limited (ASX:SEK) on May 4, 2021. AUD 500 million of the total anticipated gross proceeds were received in April 2021. Majority of the remaining proceeds are expected to be received prior to June 30, 2021. All conditions precedent to completion of the Zhaopin transaction have been satisfied. O'Melveny & Myers, LLP acted as legal advisor to SEEK Limited.