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REA GROUP LTD — Capital/Financing Update 2011
Dec 14, 2011
65679_rns_2011-12-14_9192d8c5-4581-4e15-8466-1f0f0fa50d0d.pdf
Capital/Financing Update
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ASX Announcement 15 December 2011
REA Group increases stake in Italian property portal casa.it to 100%
REA Group (ASX: REA) is pleased to announce its subsidiary, REA Group Europe, has fully acquired Italy’s market-leading real estate portal, casa.it, following the purchase of an additional 30.6% share from SKY Italia s.r.l. The acquisition was completed last night Australian time for a cash consideration of €7.022 million (A$9.22 million). REA Group has held a controlling interest in casa.it since February 2007.
Commenting on the acquisition, REA Group MD & CEO Greg Ellis said:
“casa.it is a strategic investment for REA Group with excellent growth potential due to the large Italian population and continued growth in internet penetration and usage. We know from our Australian experience that economic challenges drive advertisers to more cost-effective online advertising solutions and the results delivered by our Italian business in FY11 suggest the structural shift to online is underway.
“With SKY Italia wanting to concentrate on its core television business, we were very pleased to have the opportunity to purchase the remaining share of casa.it. This will enable our shareholders to fully benefit from casa.it’s growth under the excellent leadership of Daniele Mancini and his team.
Highlights of casa.it’s performance include:
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Total revenue up 113% to €12 million in FY11
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Subscription revenue up 122% to €9.6 million in FY11
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Paying agents up 16% Year on Year to 12,377 in June 2011
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Unique Browsers of 3.1 million in June 2011
In accordance with REA Group’s related-party transaction protocols, this transaction was approved by REA Group’s independent directors due to News Corporation’s ownership of SKY Italia.
For further information please contact:
| For further information please contact: | For further information please contact: | |
|---|---|---|
| Investor Relations:Media Inquiries: | ||
| Jenny MacdonaldLia Pacquola | ||
| Chief Financial OfficerMedia Relations Manager | ||
| P: +61 38456 4341P:61 3 8456 4151E: [email protected]E: [email protected] |
REA Group Limited ABN 54 068 349 066
Ground Floor, 678 Victoria Street, Richmond Vic 3121, Australia t +613 9897 1121 f +613 97987 1114 w rea-group.com