In what is among the first Irish online M&As in a long time, The Irish Times has bought property website MyHome.ie in a deal worth EUR 50 million (about $64 million). The deal includes an initial EUR40 million payment and a deferred payment of EUR10 million over five years subject to certain business targets being met.
Earlier this year, there were talks of MyHome doing an IPO…MyHome.ie expects to make profits of EUR2.5 million during 2006, based on a turnover of EUR6.2 million.
MyHome.ie was established in 2001 by a group of Irish estate agents, with AIB Bank acting as a shareholder.
ThePost.ie: The Irish Times is on the lookout for other acquisitions, according to the newspaper’s managing director Maeve Donovan. Irish Times was one of four firms to enter the second stage of bidding for MyHome, alongside Independent News & Media, Guardian Media in Britain, and Rightmove.co.uk, the quoted British property firm.
Also read this related story, “MyHome sale spurs interest in Irish web firms”
Updated: Web 2.0 in Ireland blog updates on couple of other Internet-M&As this year, so MyHome is not the first one…