Australian property heavyweight REA Group, backed by Rupert Murdoch’s Information Corp, is contemplating a £4.4 billion bid for Rightmove, the UK’s main on-line property portal.
REA Group, which is listed on the Australian Inventory Alternate, operates outstanding actual property platforms equivalent to realestate.com.au in Australia, and extends its attain into markets throughout Asia, India, and the US via manufacturers like realtor.com.
The corporate is reportedly weighing a cash-and-share provide for Rightmove however has but to provoke formal discussions. To finance the acquisition, REA could have to safe further fairness funding.
REA Group has till the top of September to submit a proper bid.
In an announcement to the ASX, the REA board highlighted the strategic alignment between the 2 firms, noting their sturdy market positions in residential property, modern service expansions, dominant viewers share, and well-recognised manufacturers. “REA sees a transformational opportunity to apply its globally leading capabilities and expertise to enhance customer and consumer value across the combined portfolio, creating a global and diversified digital property company with market leadership in both Australia and the UK,” the assertion learn.
