Irish online property portal MyHome.ie looks likely to be sold to a trade buyer rather than listed on the stock market following a strategic review of the group, sources close to the process said today.
MyHome employed IBI Corporate Finance six weeks ago to advise it on strategy and it recommended either a trade sale or stock market listing.
"A lot of people are taking an interest and there does seem to be an interest from other media companies but it's not exclusively that," a source close to the company said, adding that a deal could be on the table within a month.
The stock market listing last month by Rightmove, Britain's biggest property website, showed there is a strong appetite at present for such companies. Rightmove's shares jumped nearly 20 per cent on their debut.
More than 700 estate agents list residential property for sale on MyHome and in March over 316,000 users accessed a site that is expected to sell for €40 million to €60 million.
Local players that could be interested in MyHome include Ireland's biggest publishing and media group, Independent News & Media, which last month agreed to buy PropertyNews.com, the largest Internet property site on the island of Ireland.
Other publishers who have sought to broaden their advertising revenue base by branching out into Internet property sites include Trinity Mirror and Daily Mail & General Trust in the UK. Pure online property players such Rightmove are also expected to show an interest.