Business

REA Group Considers $8.5 Billion Bid for UK Property Platform Rightmove

Sep 2, 2024 1 min read

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Australian real estate advertising company REA Group Ltd. is considering a takeover bid for UK property portal Rightmove Plc, which has a market value of approximately £4.38 billion ($5.8 billion). The potential offer could be a combination of cash and shares. Despite the consideration, REA Group has not approached or had discussions with Rightmove about the potential offer. The merger could potentially unlock shareholder value, according to REA.

The news of the possible bid has impacted REA Group’s shares, which fell by 5.9% to A$206.01, marking their biggest intraday percentage drop since December 2022. REA Group, which is majority-owned by News Corp, has until September 30 to either make a formal bid or withdraw its interest. Rightmove, the largest property portal in the UK, recently reported a decline in new home listings, while REA Group posted a rise in annual profit due to increased home listings in Australia.

#world #australia #finance #markets

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