MELBOURNE: REA Group Ltd said Tuesday it has agreed to acquire a 35% non-controlling minority interest in Distilled Ltd, the leading multi-vertical digital marketplace operator across Ireland and Northern Ireland and owner of Ireland’s top property portal, Daft.ie.

The share consideration is approximately €248 million (A$409 million), with shares to be acquired on a pro-rata basis from current shareholders. The transaction will be funded from debt and existing cash reserves, REA said in an ASX announcement.

The company expects the deal to be modestly core EPS accretive in the first year after completion. It is subject to regulatory approvals and other customary conditions and is expected to close before the end of calendar year 2026.

Distilled Chief Executive Officer and co-founder Eamonn Fallon will continue to lead the business and remain a meaningful shareholder after completion.

“This is an exciting opportunity to extend our core property strategy into an attractive, profitable, high-growth market, with increasing adoption of vendor paid advertising and where our intellectual property and technology is directly relevant,” REA Group CEO Cameron McIntyre said.

“The investment provides immediate exposure to an exceptional business with a strong growth trajectory and a portfolio of high-growth assets.”

Fallon said REA is a natural partner for Distilled. “There are clear opportunities for collaboration and we look forward to tapping into REA’s experience to create new value for customers, consumers and partners,” he said.

Distilled’s portfolio includes Daft.ie, Ireland’s No. 1 residential property portal; PropertyPal, Northern Ireland’s No. 1 property portal; DoneDeal.ie, Ireland’s No. 1 automotive marketplace; Used Cars NI, Northern Ireland’s No. 1 automotive marketplace; and Adverts.ie, Ireland’s No. 1 general classifieds website. Each business operates independently under its own brand with separate sales, customer success, marketing, product and technology teams and separate technology stacks.

Daft.ie was co-founded by brothers Eamonn and Brian Fallon in 1997. The corporate entity later became Distilled and grew to include the other portals.

Distilled generated revenue of €72.4 million and adjusted last-twelve-months EBITDA of €43.3 million as of June 2026, delivering consistent double-digit revenue and EBITDA compound annual growth rates over the past five years, REA said.

REA said the investment provides a disciplined entry into a digitally mature, high-growth market with structural characteristics similar to Australia, including increasing adoption of a vendor-paid advertising model. The company cited Ireland’s robust economy, population growth and strong housing demand as underpinning a growing property market with attractive long-term fundamentals.

The ownership structure will bring together Distilled’s founders and Irish-based investment manager Blacksheep Fund Management with REA.

REA Group is a multinational digital advertising business specializing in property. It operates Australia’s leading residential and commercial property websites, realestate.com.au and realcommercial.com.au, and holds a 20% shareholding in Move, Inc., operator of realtor.com in the U.S.