1st May 2018 08:39
LONDON (Alliance News) - ZPG PLC said on Tuesday it has agreed to sell Hometrack Australia Pty Ltd to REA Group Ltd for AUD130.0 million, or GBP71.1 million, in cash.
ZPG, which owns and operates property website Zoopla and financial comparison site money.co.uk, said the transaction is subject to approval from the Australian competition and consumer commission.
"ZPG acquired Hometrack Australia as part of our acquisition of the wider Hometrack business in the UK last year and we have always been clear that our core markets are the UK and Europe," said Chief Executive Alex Chesterman.
"We believe that REA Group, as a local operator, would be a more natural owner of the Hometrack Australia business," Chesterman added.
Shares in ZPG were trading 1.2% higher at 363.40 pence per share early on Tuesday.
Related Shares:
ZPG PLC