REA Group responds to ACCC investigation
Key points
- REA Group received s155 Notice from ACCC
- Committed to providing choice, value and flexibility to customers
- Cooperating fully with ACCC investigation
Full summary
REA Group Ltd (ASX:REA) has noted speculation regarding an investigation being undertaken by the Australian Competition and Consumer Commission (ACCC). The company confirms that it has received a s155 Notice from the ACCC, requiring REA to provide information regarding certain subscription offerings. REA Group is committed to providing choice, value and flexibility to its customers and consumers, and remains focused on delivering products and services that improve the property experience of buyers, sellers and renters. The value that REA provides is underpinned by the 12.3 million people who visited realestate.com.au each month on average in the March quarter, with 6.4 million exclusively using the platform. REA Group is cooperating fully with the ACCC and is unable to comment further for confidentiality reasons. The company will continue to comply with its disclosure obligations and will update the market on this matter as appropriate.
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