E-House China Holdings, a real estate services firm, will take over online company China Real Estate Information Corp. (CRIC) in an approximately $960 million transaction, Reuters reports. E-House China has offered $6.62 in cash and stock for each CRIC American Depository Share.
The purchaser has an existing 54.1 percent stake in CRIC and wants to buy out the latter in order to provide a single window for multiple services to property developers by increasing its online presence. E-House China intends to finance the acquisition from its own cash balances. CRIC provides real estate information and consulting, advertising on the internet and services related to promotional events.
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