Sydney - Monday - November 6: (RWE Aust Business News) - Realestate.com.au (ASX:REA) will partner with SKY Italia, the Italian pay TV operator, in acquiring 90 per cent of Casa.it for 9.6 million euro ($15.9m). Realestate.com.au will end up with 59.4pc, SKY Italia 30.6pc, and the Casa.it founder will retain 10pc. Casa.it is Italy's largest real estate site with over 2,800 estate agent offices subscribing to the service. "While currently a small business, Casa.it is profitable and the market leader in a country with 60 million people, around 20,000 estate agent offices, high rates of home ownership, and strong broadband penetration," realestate.com.au managing director Simon Baker said. The acquisition is subject to approval by the Italian Antitrust Authority.
REA Price at posting:
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