An Australian property giant is considering a £4.4 billion swoop for UK online property portal Rightmove.
REA Group, backed by Rupert Murdoch’s News Corp, operates websites Down Under including realestate.com, as well as brands in India, other Asian markets and US site realtor.com. It is listed on the Australian Stock Exchange.
REA is considering a possible cash-and-share offer for Rightmove but is yet to enter talks with the company. It would likely need to raise equity funding to complete the deal.
It now has until the end of September to make a formal offer.
“The REA board believes that there are clear similarities between REA and Rightmove in terms of their leading market positions in the core residential business, continued expansion and innovation of offerings across adjacent segments, leading audience share and strong brand awareness, as well as highly aligned cultural values,” read a notice to the ASX.
“REA sees a transformational opportunity to apply its globally leading capabilities and expertise to enhance customer and consumer value across the combined portfolio and to create a global and diversified digital property company, with number 1 positions in Australia and the UK.”
I’ve built 7 businesses… & faced these same challenges every time