Zoopla snaps up Propertyfinder

Zoopla.co.uk has acquired Propertyfinder.com for an undisclosed sum.

The portal has bought the business along with hotproperty and UK property shop from REA Group, through its UK subsidiary REA Group Europe Limited, and News International, the publishing group that also backs Globrix.

The deal follows the Australia-headquartered REA Group's announcement that it would review the future of its UK online business in May, as reported by The Negotiator. The sale means that REA Group no longer has any interests in the UK online property market.

Speaking exclusively to The Negotiator, Alex Chesterman (pictured), chief execuitve officer and founder of Zoopla, which acquired Thinkproperty.com last month, says: "We are clearly delighted about the deal. It is part of exciting plans we have for the combined business going forward."

He says that 60 staff will remain with the business, with recent redundancies having been made before Zoopla completed the deal. Nicholas Leeming will remain with the business in a client relationship capacity.

In terms of branding, Chesterman says: "Our strategy on brand, pricing and our grand plans will become apparent over the course of the next few weeks."

He says that he is now in the throes of overseeing the portal's integration plans, which are being managed internally. He adds that Zoopla continues to have adequate funding for further deals, though declined to comment on whether discussions with potential acquisition targets were underway.

"We are in the online space and have backers who are supportive for the long-term, and we are confident that further funding is there if required."

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