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BRIEF-REA Group announces investments in the mortgage broking market
June 27, 2017 / 12:11 AM / 3 months ago

BRIEF-REA Group announces investments in the mortgage broking market

June 27 (Reuters) - REA Group Ltd

* realestate.com.au pty has entered into agreement to acquire majority stake in mortgage broking franchise business, Smartline

* realestate.com.au pty also entered into strategic mortgage broking partnership with National Australia Bank Limited

* Co to acquire a majority stake in Smartline for purchase consideration of $67 million

* expects REA’s financial services segment to contribute revenue of between $26 million to $30 million and ebitda between $7 million to $11 million in FY18

* realestate.com.au will acquire an 80.3% stake in Smartline

* Minority shareholders hold a put option to sell remaining 19.7% of shares which can only be exercised after three years

* If put option to sell remaining 19.7% of shares not exercised, REA will acquire remaining shares at end of four years Source text for Eikon: Further company coverage:

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