REA Group Limited
(ASX:REA) has acquired Flatmates.com.au, the market leading player in share accommodation in Australia.
The company will pay $25 million for the business, and the transaction will give REA Group the opportunity to enter into a joint venture with its founders with respect to international expansion.
Completion is expected in the coming weeks once certain conditions precedent are satisfied.
Flatmates was established in 1990 and is Australia’s biggest share accommodation website, receiving on average 2.6 million visits monthly.
REA Group reported a net profit of $115.15 million at 31 December 2015.
