REA Faces Rising Costs in Pursuit of Rightmove
REA Faces Rising Costs in Pursuit of Rightmove
At the closing value of A$11.01 billion, Rightmove would cost REA around 40% of its market valuation of A$27.4 billion.The prospective cost for News Corp's 61%-owned REA Group (ASX:REA) to buy Rightmove in the UK has just risen well above A$11 billion.
News Corp持有61%的REA集团(ASX:REA)拟以超过110亿澳元收购英国的Rightmove的预期成本刚刚上升了。
This follows a surge in Rightmove's shares, which climbed more than 27% to £5.59 billion, or A$11.01 billion, during trading in London. The property portal had been valued at £4.4 billion on Friday, with shares well below their 2021 highs.
Rightmove股价激增，涨幅超过27%，至55.9亿英镑，或110.1亿澳元，在伦敦交易期间。该房产门户网站在上周五的估值为44亿英镑，股价远低于2021年的高位。
AJ Bell investment analyst Russ Mould noted that it is easy to see why Australia's REA Group would be interested in Rightmove. He highlighted the new Labour government's pro-housing policies and its focus on improving the UK economy. In London on Monday, he said, "Rightmove is a unique asset on the UK stock market, and shareholders are unlikely to accept the first bid that comes along. It is the dominant property portal in the UK and should command a premium takeout price."
AJ Bell投资分析师Russ Mould指出，澳大利亚的REA集团有兴趣收购Rightmove，原因很明显。他强调新的工党政府的亲住房政策，以及改善英国经济的重点。他在周一伦敦表示：“Rightmove是英国股市上独一无二的资产，股东不太可能接受第一个出价。它是英国的主要房产门户网站，应该能够获得溢价的收购价格。”
At the closing value of A$11.01 billion, Rightmove would cost REA around 40% of its market valuation of A$27.4 billion.
以110.1亿澳元的收盘价来看，Rightmove将耗资REA约其274亿澳元市值的40%。
If REA were to make a cash and share offer, it would need to find around A$5 to A$6 billion in cash, with the remainder covered by REA shares or securities. Unless it paid 61% of the purchase price, News Corp would face significant dilution and a loss of majority control.
如果REA要提出现金和股份报价，它需要筹集大约5到60亿澳元的现金，其余部分由REA股票或证券支付。除非支付购买价格的61%，否则News Corp将面临重大稀释和失去控制权的风险。
There is also added interest in the deal involving News Corp and its US listings arm Move (20% owned by REA).
News Corp及其美国上市子公司Move(由REA持有20%)的交易也引起了关注。
Back in early 2023, News Corp attempted to sell its 80% stake in Move to US property services group CoStar for a reported US$3 billion. CoStar balked at the price, and with its shareholders unhappy, the deal collapsed.
早在2023年初，News Corp曾试图以30亿美元的价格将其对Move的80%股权出售给美国房地产服务集团CoStar。CoStar对价格感到困扰，加上其股东的不满，交易宣告破裂。
Earlier this year, CoStar completed a £100 million acquisition of the smaller UK listings group OnTheMarket from a group of UK real estate agent owners. This is a much smaller business than Rightmove and the number two group, Zoopla, which is owned by Houseful and, in turn, by US private equity giant Silver Lake Partners.
今年早些时候，CoStar以1亿英镑完成了其对较小的英国房产列表集团OnTheMarket的收购，该集团由英国地产代理业主组成。该业务规模远小于Rightmove，而排名第二的是Zoopla，由Houseful所有，进而由美国股权投资巨头Silver Lake Partners拥有。
This is not the first time REA has been involved in the UK housing market. In August 2009, Zoopla acquired the PropertyFinder Group, which included Propertyfinder.com, Hotproperty.co.uk, and UK Property Shop, from REA Group and International (before the 2013 split in the Murdoch empire). The sale price was not disclosed.
这不是REA第一次参与英国房地产市场。2009年8月，Zoopla收购了PropertyFinder Group，其中包括Propertyfinder.com、Hotproperty.co.uk和Uk Property Shop，这些都是在2013年梅杜莎帝国分裂之前，由REA Group和International拥有的。出售价格未公开。