REA Group Limited
(ASX:REA) has gained approval from the Federal Court of Australia regarding a scheme of arrangement through which a subsidiary of REA will acquire all shares in iProperty.
Following the lodgement of the final court orders with ASIC, the scheme has now become legally effective.
iProperty shares have been suspended from trading on the ASX as of the close of trade yesterday.
Implementation of the scheme is expected to occur on 16 February, at which time REA subsidiary Bidco will acquire 100 percent of iProperty.
REA Group recorded a net profit of $210.25 million at 30 June 2015.
