News Corp Says No to Investing in REA Group

News Corp has apparently decided not to invest further in the REA Group.
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Zoopla Confirmed as Potential Propertyfinder Buyer

Last week it was revealed that the Propertyfinder’s management buy out attempt had failed and that the REA Group and News International had entered into a heads of agreement with a mystery party.  This mystery party has now been confirmed as being Zoopla.

Zoopla is a relatively new entrant to the UK online real estate market having initially launched a site around home prices and more recently moving into advertising homes for sale in the UK using the pay per lead model. Earlier this year  Zoopla closed out a £3.75m capital raising. Check out our coverage of Zoopla over the last year.

On reflection, this deal makes sense by providing Zoopla with a boost into being a serious competitor in the market and it gives propertyfinder.com and its team a new lease on life.

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Ray White Sells REA Group Shareholding

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In a surprise move late last night, the Ray White Group sold its complete shareholding in the REA Group (realestate.com.au).   The long time second largest shareholder sold 13.5 million shares at $5.75 per share, yielding $77.6 million.   This represents a change of ownership of 10.8% of the REA Group shareholding base.  It is believed that the shares have been acquired by a number institutional investors and, surprisingly, not by News Corp.
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Propertyfinder MBO Fails But …

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The much talked about management buyout of propertfinder.com in the UK has failed however a new mystery buyer has emerged. In a late announcement on the ASX, the REA Group & News International have entered into a non-binding heads of agreement for the potential sale of their UK online business.

Internal sources say there were three “very detailed and strong bids” however the while the existing management put in a “very impressive bid”, they were not the preferred option.

A period of exclusivity has been entered with the preferred bidder so that they can undertake due diligence and the identity of the preferred bidder might be revealed as soon as the end of next week. Given the comment in the ASX release that “if this transaction successfully proceeds to completion, it is unlikely to have any impact on the guidance (already) provided”, the offer being considered is likely to be small.

The REA Group and News International have also kept the door open to close the business or just sell the assets to the preferred bidder as they continue the consultation process with staff – a prelude to closure.

So who is the mystery bidder?

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Move Inc. Sells Welcome Wagon

Move, Inc. has sold the assets and certain liabilities of Welcome Wagon to South Florida Media Group. The company announced its intention to sell Welcome Wagon last August, in order to better focus on its core online real estate business.
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