LONDON—REA Group, the Australian online real estate business majority-owned by Rupert Murdoch’s News Corp empire, said Monday it is mulling a multi-billion-pound takeover of British peer Rightmove.
Shares in Rightmove soared by 20 percent in early deals on London’s top-tier FTSE 100 index, giving it a market value of almost £5.3 billion (US$7 billion).
In a statement published on the London Stock Exchange, REA Group did not reveal what it would be prepared to pay for Rightmove. Following media speculation, it confirmed “that it is considering a possible cash and share offer” for all of the British company.
“REA has not approached, nor had any discussions with, Rightmove regarding any potential offer.”
The Australian company said “there are clear similarities between REA and Rightmove in terms of their leading market positions in the core residential business”.
Rightmove had yet to comment on the news. AFP
