MyHome.ie Sold For €50m

Turn to the business section of the Irish Times today or take a listen to the radio and you’ll be hearing that MyHome.ie, originally set up by some of the majory players in the Irish Property market and usually the first port of call for auctioneers and home buyers online, has been sold to the owners of that same business section, The Irish Times.

The Competition Authority has yet to weigh in on the deal but if MyHome.ie has just been flogged for €50m, I would wonder about Daft.ie, originally valued back around the time of the Six Nations (February?) between €10m and €15m.

From the MyHome.ie newsletter this morning…

The deal strengthens MyHome.ie as the leading web advertiser for property in Ireland through our association with the Irish Times, one of Ireland’s leading media organisations covering both print and online.

In practical terms, it’s business as usual for MyHome.ie. We will continue to provide our estate agent clients with the facility to advertise their properties on behalf of vendors and house hunters with the facility to search for property and home related services.

We’d like to take this opportunity to thank both our clients and site users for their continued support over the past five and half years. We will continue our commitment to providing you with a quality property search and home services facility.

The sale of MyHome.ie, according to the article (which can be found here via RTE Business) will pocket €40m up front with an additional €10m over time and once business targets are met.

MyHome.ie itself will carry on as a standalone site. Interesting stuff!