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Just as one large media company, Rogers, exits the residential real estate business, another one is about to enter.
Yellow Pages Limited will acquire the ComFree/DuProprio Network from Square Victoria Digital Properties for a “total purchase price consideration of $50 million,” says Yellow Pages. The deal is to close on July 1.
Julien Billot, president and CEO of Yellow Pages, says in a statement: “The acquisition of ComFree/DuProprio grows Yellow Pages into a leading digital real estate marketplace, extending our reach of Canadian home buyers and sellers and strongly positioning the company to monetize consumer audiences within this sector.”
The company says real estate “closely complements Yellow Pages’ mission of championing neighbourhood economies. The company holds one of the country’s leading digital media networks and an extensive database of local business information. This uniquely positions Yellow Pages as a premier digital destination, helping Canadians choose the right neighbourhoods to live in and connecting homeowners with merchants best suited to address their everyday needs.”
The company says that “operating under the DuProprio and ComFree banners in Quebec and the rest of Canada, respectively, CFDP is leading real estate’s digital evolution by offering homeowners a proven, professional and cost effective service to market and sell their properties.”
It says ComFree/DuProprio is the fourth most-visited network of real estate properties in Canada and Quebec’s No. 1 real estate site, with a 17 per cent share of the province’s listings market. Revenues at Comfree/DuProprio exceeded $40 million in 2014.
“The acquisition of ComFree/DuProprio provides Yellow Pages with a strong presence in the real estate vertical, access to exclusive listings and the platforms required to transact directly with Canadians,” says Billot. “As demand for comprehensive and cost effective real estate services continues to grow, we will actively leverage our national reach and relationships to enrich ComFree/DuProprio’s value proposition, extend their offerings to home buyers and sellers Canada-wide and deliver sustainable digital revenue growth for our company.”
Yellow Pages holds some well-known online properties including YP.ca, RedFlagDeals.com, Canada411.ca, Bookenda.com, dine.TO and YP NextHome. The company has Yellow Pages print directories. Mediative, a division of Yellow Pages, offers digital marketing and performance media services for national-scale agencies and customers.
© 2015 REM Real Estate Magazine