Fairfax newspaper group pays $700m for TradeMe
Published March 7th, 2006
John Fairfax Holdings Ltd today announced it is buying the auctions and classified advertising site TradeMe.
Fairfax is paying $NZ700 million for the business which it says accounts for over 60% of New Zealand’s web traffic. An extra$NZ50m will be paid if TradeMe meets further earnings targets.
The amount is 60% of the price that Fairfax paid for the assets of Independent Newspapers Ltd a few years ago.
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