News: Fairfax’s Domain branches out with $50M buy

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Fairfax Media Limited’s (ASX:FXJ) The Domain Group is set to buy a Canberra based online property portal called AllHomes. 

Subject to regulatory approvals the media company says the total consideration is expected to be $50 million. 

Fairfax CEO and Managing Director Greg Hywood believes the acquisition is part of the company’s commitment to investing in Domain nationwide. 

Mr Hywood also advises Canberra is a strategically important market for Fairfax and Allhomes reinforces the company’s position in the ACT. 

Fairfax says AllHomes was founded in 2000 and is the leading real estate advertising site in the ACT and surrounding areas in regional New South Wales. 

 

Fairfax Media reported a net profit of $194 million in the first half of the 2014 financial year.