An Australian digital advertising business specialising in property, REA Group is to pay €248 million on acquiring a 35% shareholding in Irish digital marketplace operator, Distilled that operates daft.ie and DoneDeal.ie.
The proposed deal by the REA Group – which is the owner of Australia’s realestate.com.au – and Distilled announced earlier this morning puts a value on the entire Distilled business of €708.57 million.
The €708.57 million value on Distilled is an €84.57m increase on the €624m value placed on Distilled almost two years ago when Adevinta sold its 50pc stake in Distilled Ltd for €312m to Dublin based fund manager Blacksheep Fund Management in November 2024.
However, since then, the leading multi-vertical digital marketplace operator, Distilled has expanded and has paid out €107.5m to purchase three businesses in Northern Ireland and the Republic over the last 14 months.
As a result, since expanding beyond the Republic of Ireland, Daft.ie now accounts for under 30% of the Distilled business.
In a statement today, the REA Group stated that “the proposed investment represents a strategically compelling transaction for REA and its shareholders with a disciplined entry into an attractive, high-growth market”.
The acquisition is to be funded from debt and existing cash reserves with shares acquired on a pro-rata basis from current shareholders.
Distilled’s portfolio comprises Daft.ie, PropertyPal, DoneDeal.ie, Used Cars NI, Adverts.ie and Eskimo automotive software.
Each business will continue to operate independently under its own brand, with its own sales, customer success, marketing, product and technology teams.
In a statement, Distilled confirmed that ceo and Co-Founder, Eamonn Fallon will continue to lead the business.
It stated that Eamonn and his brother Brian Fallon, Co-Founder “will remain meaningful shareholders following completion, and Paul Kenny will remain Chair of the board”.
The ownership structure brings together Distilled’s founders and Irish-based investment manager Blacksheep Fund Management with REA.
Eamonn Fallon said today: “We are delighted to welcome REA onboard. REA is a natural partner for Distilled, combining leadership in digital marketplaces with capabilities that can support our growth.
He said: “There are clear opportunities for collaboration and we look forward to tapping into REA’s experience to create new value for customers, consumers and partners. Our shared values and strong cultural alignment provide a solid foundation for the partnership.”
REA Group Chief Executive Officer Cameron McIntyre, who previously led CAR Group, owner of carsales.com.au, said: “Distilled has an experienced management team with a proven track record of building leading businesses. I look forward to working closely with Eamonn and the Distilled team to leverage our combined skills and expertise.”
The REA statement confirmed that Distilled generated revenue of €72.4m and last 12 months of Earnings Before Interest Tax Depreciation and Amortisation (EBITDA) of €43.3m as of June 2026.
In the strategic rationale behind the deal, the REA Group pointed to the highlights including ‘High-performance assets’ where Distilled operates a portfolio of number one portals, each with an established brand and leading audience.
It also stated that Distilled “has a proven record of profitable growth and there are significant opportunities for future monetisation”
REA’s interest will be structured by way of acquiring a 35% interest in Distilled’s holding company, DH Partners S.À R.L.
The proposed transaction is subject to regulatory approvals and is expected to be complete before the end of calendar year 2026.
Story by Gordon Deegan
