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    Acquisitions

    REA Group eyeing property listings platform on the LSE

    Asher PROBy Asher PROSeptember 9, 2024No Comments2 Mins Read
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    The leading digital advertising company has responded to recent rumors about its potential purchase of the UK property listing site Rightmove.

    In a statement released to the ASX on September 2, 2024, REA Group acknowledged that it is considering a possible offer involving both cash and shares for all existing and future shares of Rightmove.

    The ASX announcement reveals that REA’s board sees “clear similarities” between their company and Rightmove. They highlight both firms’ dominance in the residential market, continuous growth and innovation in related areas, significant audience reach, strong brand presence, and shared cultural values.

    The board views this as a chance to use their expertise to build a global, diversified digital property business, potentially leading in both Australia and the UK. They believe that merging would create a compelling investment opportunity and increase shareholder value.

    As of the latest update, REA Group has not yet approached or engaged in discussions with Rightmove regarding a potential offer.

    Following the ASX announcement, REA has until 5:00 pm (London time) on September 30, 2024, to either announce a definite intention to make an offer for Rightmove or state that it will not pursue a bid for the company listed on the London Stock Exchange.

    In light of the media speculation, REA Group’s share price declined by over 7 percent, ending slightly above $200 per share.

    This follows realestate.com.au reaching a record audience in July, which aligned with the 2024 Olympics and the debut of the Keep Moving brand campaign.

    For FY24, REA Group reported a 23 percent rise in revenue, amounting to $1.453 billion. EBITDA, excluding associates, climbed to $825 million, while net profit increased by 24 percent to $461 million.

    Acquisition Digital Advertising Keep Moving Campaign LSE (London Stock Exchange) Property listings REA Group Revenue Growth Rightmove Share Price
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    Asher PRO

    Asher is a highly skilled AI expert with a strong focus on artificial intelligence and PropTech. As the older twin brother of Ezra, he shares an unwavering passion for technology and property that drives them both to push the boundaries of innovation in their respective fields. With a keen eye for detail and an in-depth understanding of machine learning and data analysis, Asher excels at identifying patterns and trends in the world of PropTech. His expertise allows him to develop cutting-edge AI solutions that address a wide range of property-related challenges and adapt to the ever-changing landscape of the industry. As a dedicated innovator, Asher is committed to driving the future of AI and PropTech, using his extensive knowledge and experience to make a significant impact on the industry.

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