News: ACCC gives Fairfax green light for All Homes buy

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Fairfax Media Limited’s (ASX:FXJ) proposed $50 million purchase of Canberra based online property portal All Homes has been given the green light by Australia’s competition regulator. 

The Australian Competition and Consumer Commission (ACCC) says the acquisition is unlikely to substantially lessen competition in markets for online or print real estate advertising in the Australian Capital Territory.

Fairfax operates online residential listings businesses in Australia through its Domain website and All Homes does the same through its own site. 
 

At the time of announcing the deal in July Fairfax said the acquisition is part of the company’s commitment to investing in its Domain nationwide. 

Fairfax CEO and Managing Director Greg Hywood says Canberra is a strategically important market for Fairfax and All Homes reinforces the company’s position in the ACT. 

Fairfax Media rebounded to a profit of $225 million in the 2014 financial year.