Leading African property portal Property24 has bought one of the nation’s top ranking property portals Private Property, reports AIM Group.
Property24 is owned by global classifieds business Naspers while Private Property is owned by regional classifieds vehicle One Africa Media. Last year OAM announced merger plans with Ringier Africa to create Ringier One Africa Media, however Private Property was kept out of the merger and was therefore available for direct acquisition.
Meloy Horn, Naspers’ investment relations officer, confirmed the deal to Independent Online. However, it was not posted to the Naspers site or to OneAfricaMedia.com as a news release.
“Property 24 has reached an agreement to acquire Private Property, subject to approvals,” Horn said. “Due to confidentiality agreements, details of the transaction will only be disclosed once the deal closes,” said Horn.