REA Group shares lift on Athena stake acquisition
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More news: Shares in REA Group are up nearly 3% to $197.88 after the property listing firm acquired a 19.9% stake in non-bank digital lender Athena Home Loans for up to $62 million.
The deal expands an existing strategic partnership between the two companies, which includes REA distributing Athena’s home loan products under its Mortgage Choice financial services brand as well as offering white label products, developed in collaboration with Athena, under the brand.
REA Group takes 20% stake in Athena Home Loans
The news: Property listing firm REA Group has acquired a 19.9% stake in Athena Home Loans, building on its existing strategic partnership with the non-bank digital lender.
The numbers: REA said it will pay up to $62 million for the transaction, which has been funded from the group’s existing cash reserves. It will take two seats on Athena’s board.
The context: The two companies first formed a strategic partnership in 2022, with REA distributing Athena’s home loan products under its Mortgage Choice financial services brand.
In June 2023, REA launched the Mortgage Choice Freedom suite of white label products, developed in collaboration with Athena, which delivered $1.2 billion in settlements in FY24.
Athena’s existing investors include AirTree Ventures, Apex Capital, AustralianSuper, Hostplus, Macquarie Bank, RESIMAC Group, Rice Warner, Square Peg and Sunsuper.
What they said: “REA’s proposed investment in Athena will further enhance our existing partnership and reinforces our commitment to providing Australian homebuyers with greater choice and a seamless consumer experience when finding and financing property,” REA Group chief executive, Owen Wilson, said.
The source: ASX announcement
