Australia's REA Group Pays €248m for Stake in Daft.ie Owner as Irish Digital Marketplace Valued at €708m
Australian property and digital advertising giant REA Group has agreed to pay €248 million for a 35% non-controlling stake in Distilled, the Irish company that owns Daft.ie, DoneDeal, PropertyPal, and Used Cars NI — a deal that values the entire Distilled business at approximately €708 million and represents one of the largest investments in Ireland's digital sector in recent years.
Background
Distilled has grown from its origins as the operator of Daft.ie — Ireland's primary residential property portal — into a multi-vertical digital marketplace business with a portfolio of market-leading platforms across property, automotive, and general classifieds. The company was co-founded by Eamonn and Brian Fallon, and has expanded significantly in recent years through a series of acquisitions, including PropertyPal, the leading property portal in Northern Ireland, and Used Cars NI, the leading automotive marketplace in Northern Ireland.
The company's growth trajectory has been impressive. Distilled reported revenue of €72.4 million and an adjusted EBITDA of €43.3 million for the 12-month period ending June 2026, reflecting the strong market positions of its various platforms and the resilience of digital advertising revenue even in a challenging economic environment. The company has expanded its portfolio to the point where Daft.ie — once the entirety of the business — now accounts for less than 30% of total revenue, illustrating the success of its diversification strategy.
REA Group is one of Australia's largest digital companies, operating property portals and digital advertising platforms across Australia, Asia, and North America. The company has been seeking to expand its international footprint, and the Irish and Northern Irish markets — which it identifies as digitally mature with high growth potential — represent an attractive opportunity. The investment in Distilled gives REA Group exposure to both the Republic of Ireland and Northern Ireland markets through a single transaction.
Key Developments
The deal, announced on September 29, 2026, involves REA Group paying €248 million (approximately A$409 million) for a 35% non-controlling interest in Distilled. The transaction will be funded through a combination of debt and existing cash reserves. Following completion, the ownership structure of Distilled will consist of the original founders — Eamonn and Brian Fallon — the Dublin-based investment manager Blacksheep Fund Management, and REA Group. Eamonn Fallon will continue to lead the organisation as CEO, and both he and his brother will retain significant shareholdings.
The deal is subject to regulatory approvals and is expected to close before the end of 2026. The various Distilled brands — Daft.ie, DoneDeal, PropertyPal, Used Cars NI, and Adverts.ie — will continue to operate independently, maintaining separate teams for sales, marketing, and technology. REA Group has indicated that it does not intend to merge or rebrand any of the platforms, recognising the value of their established market positions and brand recognition in their respective markets.
The transaction values Distilled at approximately €708 million, a figure that reflects the premium attached to market-leading digital platforms in mature, high-income markets. The valuation is based on a multiple of the company's EBITDA that is consistent with comparable transactions in the digital marketplace sector globally.
Why It Matters
The REA Group investment matters for several reasons. It represents a significant vote of confidence in the Irish digital economy from a sophisticated international investor with deep experience in the property portal sector. The valuation of €708 million for a company that was founded in Ireland and has grown organically through the Irish market is a remarkable achievement and demonstrates the potential for Irish digital businesses to achieve scale and attract international capital.
The deal also has implications for the Irish property market. Daft.ie is the primary source of property listings data in Ireland, and its ownership structure has implications for the transparency and accessibility of that data. The involvement of an international investor with a strong track record in property portals could accelerate the development of new features and services on the platform, potentially improving the experience for buyers, sellers, and renters in a market that has been characterised by chronic supply shortages and rapidly rising prices.
Local Impact
For the Irish property market, the REA Group investment is likely to accelerate the development of Daft.ie's data and analytics capabilities, potentially providing better market intelligence for buyers, sellers, and policymakers. In Northern Ireland, the investment in PropertyPal and Used Cars NI signals confidence in the province's digital economy and could lead to increased investment in those platforms. The Distilled workforce — which is based primarily in Dublin — is not expected to be affected by the transaction, with the company committed to maintaining its existing team structure. The deal is also likely to attract attention from other international investors who may be looking at Irish digital businesses as potential acquisition targets.
What's Next
The transaction is expected to close before the end of 2026, subject to regulatory approvals. REA Group will take a seat on the Distilled board as part of the deal. The company has indicated that it will work with the Distilled management team to identify opportunities for growth and product development across the portfolio. Eamonn Fallon has said that the investment will allow Distilled to accelerate its expansion plans and to invest more heavily in technology and product development across all of its platforms.
