Packer sells Seek, Magellan stakes

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

According to the newspaper, the casino boss sold four per cent of Seek at $9.28 per share, as well as eight per cent 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 eight per cent jump in full-year net profit after tax to $141.1 million.