Australian property group REA is to buy a 35 per cent stake in Daft.ie owner Distilled, in a deal worth an estimated €248 million.
The company said the purchase of the minority stake would be funded from debt and existing cash reserves.
Distilled Media, which was founded by brothers Eamonn and Brian Fallon, includes property portals Daft.ie and PropertyPal, classified ads site Adverts.ie, and car marketplaces Used Cars NI and DoneDeal.ie. Irish-based investment manager, Blacksheep Fund Management, led an acquisition of the listings group in 2024.
[ Who are the Fallon brothers behind Daft and DoneDeal?Opens in new window ]
“This is an exciting opportunity to extend our core property strategy into an attractive, profitable, high-growth market, with increasing adoption of vendor-paid advertising and where our intellectual property and technology is directly relevant,” said REA chief executive Cameron McIntyre. “The investment provides immediate exposure to an exceptional business with a strong growth trajectory and a portfolio of high-growth assets.”
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The deal which must clear regulatory hurdles, is expected to clear before the end of the year.
Chief executive Eamonn Fallon will remain leading the business and retains a “meaningful” holding following the deal.
“REA is a natural partner for Distilled, combining leadership in digital marketplaces with capabilities that can support our growth,” he said. “There are clear opportunities for collaboration and we look forward to tapping into REA’s experience to create new value for customers, consumers and partners.”
More to follow ...
