CANBERA (dpa-AFX) - Australian online real estate advertising company REA Group Limited (REA.AX, RPGRF) announced Tuesday its agreement to acquire a 35% non-controlling minority interest in Distilled Ltd, a vertical digital marketplace operator across Ireland and Northern Ireland, for €248 million or A$409 million.
The transaction is expected to be modestly core earnings per share accretive in the first year after completion, which is expected before the end of calendar year 2026. The proposed transaction is subject to regulatory approvals.
With the proposed investment, REA expects to extend its core property strategy into a digitally mature high growth market.
The company said the total share consideration will be funded from debt and existing cash reserves, with shares acquired on a pro-rata basis from current shareholders.
Following the deal closure, Distilled Chief Executive Officer and Co-Founder, Eamonn Fallon, will continue to lead the business and remain a meaningful shareholder.
Distilled is the owner of Irish property portal Daft.ie; PropertyPal, Northern Ireland's property portal; DoneDeal.ie, Ireland's automotive marketplace; Used Cars NI, Northern Ireland's automotive marketplace; and Adverts.ie, Ireland's general classifieds website.
In Australia, REA Group shares closed Tuesday's trading at A$148.67, up 0.09 percent.
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