REA Group receives ACCC approval for Hometrack purchase

Company News

by Anna Napoli

REA Group (ASX:REA) has received ACCC approval for its planned acquisition of property data services firm Hometrack.

The digital real estate advertising company says the purchase will enable its website realestate.com.au to deliver more property data and insights to customers.

Hometrack is one of Australia’s leading providers of property data services, its suite of products includes property data analytics and customised data platforms.

The purchase consideration of $130m will be funded from existing cash reserves and debt of $70m.

Shares in REA Group (ASX:REA) are trading 3.33 per cent lower to $87.89.