News Corp's Australian real estate website company REA Group Ltd said it plans to buy out smaller rival iProperty Group Ltd for A$580 million ($414 million), seizing on the target company's footprint in Southeast Asia.
The deal would give News Corp exposure to property markets of Thailand, Indonesia, Malaysia and Hong Kong just as Australian real estate advertisers like REA brace for a downturn at home following several years of double-digit growth.
In a statement on Monday, REA Group said it plans to pay A$4 per share for the 77.3 percent of iProperty that it does not already own, giving the target company a market capitalisation of A$751 million. iProperty would recommend the deal in the absence of a better offer.
iProperty shares jumped as much as 11 percent in a weaker overall market to A$3.90, their highest since March 2014. REA shares rose 1.3 percent.
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The deal would give News Corp exposure to property markets of Thailand, Indonesia, Malaysia and Hong Kong just as Australian real estate advertisers like REA brace for a downturn at home following several years of double-digit growth.
In a statement on Monday, REA Group said it plans to pay A$4 per share for the 77.3 percent of iProperty that it does not already own, giving the target company a market capitalisation of A$751 million. iProperty would recommend the deal in the absence of a better offer.
iProperty shares jumped as much as 11 percent in a weaker overall market to A$3.90, their highest since March 2014. REA shares rose 1.3 percent.
For Free Signals and other KLSE online updates, click here OR Give A Missed Call : +60350219047 Follow Us On Twitter : www.twitter.com/epicresearchmy Like Us On Facebook : www.facebook.com/EpicResearchMalaysia Need Any Assistance Feel Free To Mail Us at : info@epicresearch.my
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