PHOTO: REA Group
The multinational property services group has announced a proposal to acquire 100 per cent of Mortgage Choice by way of a scheme of arrangement.
REA Group has announced a proposal to acquire major brokerage Mortgage Choice (with the major brokerage entering into an agreement to be acquired by REA Group), which it said would accelerate its financial services strategy.
The group will add the Mortgage Choice enterprise to its global operation, which includes franchise broking group Smartline.
Combining Smartline and REA Group’s audience and data insights with Mortgage Choice would create an Australian mortgage brokerage with over 900 brokers and “significant growth opportunities”, the major brokerage said.
REA Group said that the acquisition would create a mortgage broking business with scale, and would be supported by its digital capabilities, property data insights, and its property seeker audience.
The transaction is still subject to conditions being met, including Mortgage Choice shareholder and regulatory approvals.
It is expected to take approximately three months to complete, with the scheme expected to complete in mid-2021.
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