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.