Under the deal, TMP said each share of HotJobs common stock would be exchanged for 0.2195 shares of TMP common stock. TMP added that it expects to maintain HotJobs as a standalone site and brand.
Monster.com has been consolidating with rivals in recent months in an attempt to lead the online job recruiting market. In May, the company made an offer to acquire rival European service Jobline International for $115.5 million in stock, which was approved by Jobline's board of directors.
TMP said the boards of directors of both of the companies have approved the HotJobs acquisition.
John Hawkins, a board member of HotJobs whose company, Generation Partners, is a lead investor in the online job service, said he does not expect any layoffs to occur. He added that it "made sense" to join the two companies.
"If you have more job seekers on the network and more recruiters on the network, you're going to have a much more efficient market," Hawkins said. "Everyone kind of looked at it and said if you have an opportunity to have...Larry Bird and Magic Johnson playing on the same team, you can't pass that kind of thing up."
Maynard, Mass.-based Monster.com connects companies with job seekers and has a global network of local content and language sites. HotJobs provides a consumer job board that links companies and job seekers.