LONDON (Alliance News) - Oakley Capital Investments Ltd on Tuesday said its Oakley Capital Private Equity III fund has agreed to acquire Italy's Casa.it and Luxembourg's AtHome.lu.
Oakley is providing backing to the existing management team to acquire the two businesses from parent company REA Group, an Australian digital advertising company.
Casa.it is the number two player in the online property listing market in Italy, while AtHome.lu is the leading firm in the Luxembourg online property market, with more than 90% coverage of real estate agents.
The pair generated revenue of EUR33.3 million in the year to the end of June 2016, generating earnings before interest, tax, depreciation and amortisation of EUR6.0 million.
Oakley said it expects to make a contribution of EUR50.0 million to the investment via its interest in the Oakley Capital Private Equity III fund. It didn't say what was the full price of the two businesses being carved out from REA. The deal is expected to complete in the first quarter of 2017.
"We look forward to supporting the management team in developing the business further and leveraging the strong growth prospects for online property portals in Europe," said Peter Dubens, director of Oakley Capital Investments.
Oakley Capital shares were down 0.2% to 149.75 pence on Tuesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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