REA Group Limited
(ASX:REA) has announced it will acquire iProperty in an all cash offer of $4.00 per share.
iProperty is a leading South East Asian property company with portals in Malaysia, Hong Kong, Thailand and Indonesia. There is strong growth across the region with huge opportunities around acceleration of growth from offline to online advertising.
There is also an alternative to the $4.00 cash per share. iProperty shareholders can elect to receive a Mixed Consideration of $1.20 in cash and 0.7 shares in a newly formed, unlisted public company which will own an indirect interest in the iProperty.
The acquisition will be funded from new debt facilities of $480 million with the remainder from cash reserves.
REA Group reported a net profit of $210.25 million for the 2015 financial year.
