News Corp unit REA to acquire iProperty

Singapore

AUSTRALIA's REA Group has made a takeover offer for iProperty Group, in a deal valuing the Australia-listed property site at A$751 million (S$751 million), potentially the largest Internet deal in South-east Asia (SEA) in the last decade.

REA, an Australian digital advertising group which already owns about 22.7 per cent of iProperty, is offering iProperty shareholders either A$4 a share, or a mix of A$1.20 a share in cash and 0.7 share in an unlisted company with a continuing indirect interest in iProperty.