REA Group Ltd
(ASX:REA) has entered a contract to sell its European businesses for $189.7 million.
Its European businesses include atHome Group S.a. r.l. and REA Italia S.r.l., and the buyer is Oakley Capital Private Equity. The transaction will incorporate these businesses in Luxembourg, France, Germany and Italy.
The company estimates its profit from this transaction will be around $164.8 million, and expects the deal to complete in the first quarter of next year.
In the US, REA owns a 20% stake in online real estate website, realtor.com, with Rupert Murdoch’s News Corp owning an 80% stake.
REA Group reported a net profit of $253.3 million at 30 June 2016.
