Mayank Bansal, CFA
Mayank Bansal is a CFA Charterholder and heads the Equity Research team at Kapitales Research, with over 5 years of experience analysing global equity markets. He leads fundamental, data-driven research combining rigorous financial analysis with macro trends.
REA Group to Buy 35% Stake in Daft.ie Owner Distilled for AU$409 million
Highlights
REA Expands into Ireland's Digital Property Market
REA Group Ltd (ASX: REA) announced on 29 September 2026 that it has agreed to acquire a 35% non-controlling stake in Distilled Ltd. Distilled is the leading operator of multi-vertical digital marketplaces across Ireland and Northern Ireland.
REA will pay total share consideration of about €248 million, or roughly AU$409 million, subject to customary completion adjustments. The shares will be bought on a pro-rata basis from existing shareholders. The deal still needs regulatory approvals and other customary conditions, and it is expected to close before the end of calendar year 2026. The market reacted calmly to the news. REA Group shares last traded at $149.070, up $0.539, or 0.363%.
A Portfolio of Market-Leading Platforms Distilled owns five number one platforms across its markets:
Brothers Eamonn and Brian Fallon launched Daft.ie in 1997, and the business later expanded into the broader Distilled group. Each platform runs independently, with its own brand, sales, marketing, product and technology teams.
Distilled reported revenue of €72.4 million and adjusted LTM EBITDA of €43.3 million as of June 2026. Both revenue and EBITDA have grown at double-digit compound annual rates over the past five years.
Why the Deal Makes Sense for REA
REA describes the investment as a disciplined way to enter an attractive, fast-growing market. Ireland and Northern Ireland have digitally mature property markets that share key features with Australia, including growing use of vendor-paid advertising. A strong Irish economy, a rising population and high housing demand add to the long-term appeal.
REA also sees a close fit between Distilled's operating model and its own strengths. These include audience-led marketplaces, premium listing products, data and product development. It also expects room to further monetise Distilled's platforms over time.
After completion, Distilled will be owned by its founders, Irish investment manager Blacksheep Fund Management, and REA. Co-founder and CEO Eamonn Fallon will continue to lead the business and remain a significant shareholder.
What the Leaders Said
REA Group CEO Cameron McIntyre said the deal extends REA's core property strategy into a profitable, high-growth market where its technology and intellectual property are directly relevant. He also praised Distilled's experienced management team. Eamonn Fallon called REA a natural partner. He pointed to REA's leadership in digital marketplaces and the two companies' shared values as a strong basis for working together.
Note- All data presented is based on information available at the time of writing.
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