1st Jun 2018 08:52
LONDON (Alliance News) - ZPG PLC said Friday it has completed the sale real estate appraiser Hometrack Australia Pty Ltd To REA Group Ltd.
The Zoopla and uSwitch owner confirmed the AUD130 million cash acquisition - GBP73.9 million - to the online real estate advertising company REA, based in Melbourne, Australia.
The deal was first announced at the beginning of May but was subject to approval from the Australian Competition & Consumer Commission - which said on Wednesday it would not intervene.
Last month, ZPG, formerly known as Zoopla Property Group, recommended that shareholders accept a GBP2.20 billion takeover offer from Silver Lake, which valued ZPG shares at 490.00 pence in cash.
The acquisition is conditional on shareholder approval of no less than 75%, as well as regulatory approval from the European Commission and the Financial Conduct Authority, as well as court approval.
A general meeting and court is expected to be held on June 18, and should all conditions be met, ZPG expects the deal to become effective by the third quarter of 2018. Should the acquisition take place, ZPG will be delisted from the London Main Market on the day before the scheme becomes effective.
Shares in ZPG were down slightly Friday morning to 489.80 pence each.