REA buys stake in iProperty Group

REA Group has announced the purchase of a 17.22% stake in iProperty Group from SeLoger.com, France’s largest property portal and a subsidiary of the German media company Axel Springer. The total consideration was $106.3m, which amounts to $3.40 per iProperty Group share, a 9% premium to their close before the deal of $3.12. iProperty's stock has risen 21% to $3.76 following the news. iProperty Group operates property classifieds portals in Malaysia, Indonesia, Hong Kong, Macau and Singapore. The company is 23% owned by the Catcha Group, which is chaired by the Singapore-based Australian businessman Patrick Grove. Catcha also owns,...

REA Group has announced the purchase of a 17.22% stake in iProperty Group from SeLoger.com, France’s largest property portal and a subsidiary of the German media company Axel Springer. The total consideration was $106.3m, which amounts to $3.40 per iProperty Group share, a 9% premium to their close before the deal of $3.12. iProperty's stock has risen 21% to $3.76 following the news.

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