Dentsu Group has off-loaded a big chunk of its investment in Japan-based public company Recruit Holdings, parent company to U.S.-based job listings site Indeed.com.
Dentsu said it sold about 50 million shares of its holdings in the global employment staffing company for an estimated $1.9 billion. For now it continues to hold a small number of shares in the company.
The proceeds will be used to support its ongoing restructuring announced earlier this year and for M&A-related expenses.
The restructuring is designed in part to simplify its operations and also lower operating expenses going forward.
It has released some details about the effort including a resulting consolidation of hundreds of the holding company’s brands worldwide into six “global leadership brands.” Sadly the restructuring will also result in the reduction of some 6,000 jobs within the company’s international operations and likely some additional positions in Japan.
The firm has said that it will release further details in February.