REA Group's (ASX:AEA) completes takeover with Mortgage Choice

Company News

by Melissa Darmawan

Global online real estate advertising company REA Group (ASX:REA) has completed their acquisition of Mortgage Choice Limited REA Group.

The proposed takeover was announced at the end of March with both listed companies declared they entered into a scheme implementation agreement. Under the proposal, REA Group outlined its offer to purchase 100 per cent of Mortgage Choice shares for $1.95 each.

Following the approval of the Scheme by majority of Mortgage Choice shareholders and the Supreme Court of New South Wales, the offer was accepted valuing the company at around $244 million.

REA group chief executive officer, Owen Wilson said “the completion of the Mortgage Choice acquisition represents an exciting milestone for our combined businesses. We’re extremely pleased to welcome the Mortgage Choice team into REA. Together, we look forward to accelerating REA’s financial services strategy to become a leading player in the home loan market.”

Mortgage Choice who has been trading under the ticker code MOC will be removed from the local bourse today.

Shares in REA Group (ASX:REA) are trading 0.65 per cent lower at $167.93. 

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