The Irish Times buys MyHome.ie for €50 million
Published July 28th, 2006
The Irish Times Ltd, publisher of The Irish Times, has announced that it has bought MyHome.ie, the leading Irish online property portal. The deal values the business at up to €50 million, comprising an initial payment of €40 million and an additional payment of €10 million deferred over a five-year period.
The deferred payments are tied to targets set out in the business plan for MyHome.ie, said Maeve Donovan, the managing director of The Irish Times.
“MyHome will continue to operate on a standalone basis but availing of revenue and operational synergies which can be brought by The Irish Times Group,” she said.
The three estate agents who are the largest shareholders in the business will continue to support the site and advertise their property listings on it, said Ms Donovan. Chief executive Jim Miley, who is also a shareholder, will continue to manage the business.
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