Packer offloads Seek, Magellan

James Packer offloaded 4% of Seek, 8% of Magellan, according to reports.

James Packer has sold stakes in jobs website Seek (SEK) and fund manager Magellan Financial Group (MFG), The Australian reports. 

According to the newspaper, the casino boss sold 4% of Seek at $9.28 per share, as well as 8% of Magellan at $10.68 per share in a block trade with UBS.

The sales will net him a $150 million profit, which he will use to reduce the debt at his private company.

"I respect both companies and their CEOs, Andrew Bassat (Seek) and Hamish Douglas (Magellan), immensely and I am selling to reduce debt in CPH (Consolidated Press Holdings)," Mr Packer told The Australian.

Seek yesterday posted an 8% jump in full-year net profit after tax to $141.1 million. 

InvestSMART FORUM: Come and meet the team

We're loading up the van and going on tour from April to June, with events on the NSW central & north coast, the QLD mid-north coast and in Perth, Adelaide, Melbourne, Sydney and Canberra. Come and meet the team and take home simple strategies that you can use to build an investment portfolio to weather any storm. Book your spot here.

Want access to our latest research and new buy ideas?

Start a free 15 day trial and gain access to our research, recommendations and market-beating model portfolios.

Sign up for free

Related Articles