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REA Group sells its European businesses for $190 million

By Sabine Brix 0 Comments NEWS, Uncategorised

Australian digital real estate company REA Group has just announced the sale of its European businesses to the London-based  Oakley Capital Private Equity for $190 million.

The sale includes REA's European brands: atHome Group in Luxembourg, France, Germany; and REA Italia, S.a r.l’s business in Italy valued at €132.6 million.

REA Group sells its European businesses to Oakley Capital

REA Group sells its European businesses to Oakley Capital. Image: Shutterstock

REA, who owns realestate.com.au, will receive a profit of  AUD 168.4 million subject to final completion adjustments.

The group's CEO Tracey Fellows said the sale resulted in competition from a number of companies.

"We were approached by multiple parties interested in our European businesses and took the opportunity to look at where we could make the greatest impact and optimise return for our shareholders,” she said.

Fellows also commented that the transaction will allow REA to further sharpen its focus in key growth areas across America, Australia and Asian markets.

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