October 15, 2018 / 6:21 AM / a month ago

Purplebricks forays into Germany with Homeday stake purchase

Oct 15 (Reuters) - British online estate agent Purplebricks said on Monday it entered into a joint venture with German publisher Axel Springer to jointly buy a 25.9 percent stake in German online estate agent Homeday.

The 50-50 joint-venture company will have a valuation of 25.4 million euros. Purplebricks’ investment in Homeday, which marks its first foray into Germany, will be 12.7 million euros for a 12.9 percent holding, it said. (Reporting by Shashwat Awasthi in Bengaluru; Editing by Vyas Mohan)

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