2nd Jul 2018 09:44
LONDON (Alliance News) - Online estate agent Purplebricks Group PLC said on Monday it has acquired digital real estate service DuProprio/ComFree for CAD51 million on a cash and debt free basis.
DuProprio/ComFree currently has a market share in the real estate market in Quebec, Canada, and has recently expanded into Ontario and Western Canada.
Purplebricks said it believes that the acquisition will help the group quickly grow its market share in Canada, and enhance the experience of customers through its model and technology. To this end, Purplebricks it intends to invest up to GBP15 million in DuProprio's expansion across Canada over the next two years later.
"We are excited about working with DPCF's exceptionally strong management team to leverage the significant opportunities for growth in the Canadian market. Expanding the geographical footprint across Canada and building the company's buy-side offering provides the potential to transform the size of the DPCF business and consolidate its market leadership. This acquisition follows the GBP125 million strategic investment by Axel Springer in Purplebricks for the aim of accelerating global growth," said Global Chief Executive Officer Michael Bruce.
Shares in Purplebricks were down 0.2% at 324.60 pence on Monday.
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