News Corp's online real estate firm REA Group has cleared the last obstacle in its $750 million takeover of Southeast Asia-focused rival iProperty.
The Federal Court of Australia on Tuesday approved a scheme of arrangement under which a subsidiary of REA Group will acquire all the shares in iProperty.
iProperty shareholders voted in favour of the takeover on January 28.
iProperty shares will be suspended from trading on the Australian share market at the close of the session on February 2.
The scheme of arrangement is expected to be implemented on February 16, when iProperty shareholders will be paid the consideration of $4 per iProperty share.
REA operates the residential and commercial property websites realestate.com.au and realcommercial.com.au in Australia; European sites casa.it, atHome.lu and immoRegion.fr; and Chinese property site myfun.com.
iProperty Group operates a number of property portals in Hong Kong, Malaysia, Thailand and Indonesia.
REA Group has said southeast Asia has strong population and economic growth, and the real estate market is expected to grow as buyers and sellers move to online advertising.
Shares in REA Group closed 24.00 cents lower at $52.01. iProperty shares were steady at $3.98.
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