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Australian property giant backed by Rupert Murdoch’s News Corp looks at £4.4Bn Rightmove bid

September 2, 2024

REA Group, backed by Rupert Murdoch’s News Corp, considers a £4.4bn bid for UK property portal Rightmove, aiming to create a global digital property powerhouse with leading positions in both Australia and the UK.

Australian property heavyweight REA Group, backed by Rupert Murdoch’s News Corp, is considering a £4.4 billion bid for Rightmove, the UK’s leading online property portal.

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

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

REA Group has until the end of September to submit a formal bid.

In a statement to the ASX, the REA board highlighted the strategic alignment between the two companies, noting their strong market positions in residential property, innovative service expansions, dominant audience share, and well-recognised brands. “REA sees a transformational opportunity to apply its globally leading capabilities and expertise to enhance customer and consumer value across the combined portfolio, creating a global and diversified digital property company with market leadership in both Australia and the UK,” the statement read.