REA group is considering a £4.4 billion takeover bid for Rightmove

Australian property giant REA Group, backed by Rupert Murdoch’s News Corp, is considering a £4.4 billion bid for Rightmove, Britain’s largest online property portal.

Listed on the Australian Stock Exchange, REA Group operates prominent real estate platforms such as realestate.com.au in Australia, and is expanding its reach into markets in Asia, India and the US through brands such as realtor.com.

The company is reportedly considering a cash and share offer for Rightmove, but has yet to begin formal discussions. To finance the acquisition, REA may need to secure additional equity financing.

REA Group has until the end of September to make a formal offer.

In a statement to the ASX, REA’s board highlighted the strategic alignment between the two companies, noting their strong residential market positions, innovative service extensions, dominant target market shares and well-known brands. “REA sees a transformational opportunity to apply its world-leading capabilities and expertise to drive customer and consumer value across the combined portfolio, creating a global and diversified digital real estate company with market leadership in both Australia and the UK,” the company said. declaration.