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Purplebricks finds home in German market

Purplebricks finds home in German market

Business
Britain's biggest online estate agent is moving into Europe for the first time by acquiring a stake in its most prominent German counterpart. Sky ‎News has learnt that Purplebricks, which has a market value of more than £650m, will announce on Monday that it is to become a shareholder in Homeday through a joint venture with the German media giant Axel Springer.Sources said this weekend that the deal was likely to be structured as a 50-50 partnership between Purplebricks and Axel Springer, which is already a big investor in the British property group.The transaction will see the two companies ‎invest €25m (£22m) in order to purchase a 26% stake in Homeday, which has a 50% share of the German online estate agency market.Purplebricks and Axel Spring...