Homestore buys US rival in $716m share deal

Online property company Homestore.com has paid $716m in ordinary shares for its rival Move.com in a deal that will create the largest real estate service in the US.

Online property company Homestore.com has paid $716m in ordinary shares for its rival Move.com in a deal that will create the largest real estate service in the US.

Mike Simon, managing director at Move.co.uk, said: "The name Move.com in the US will disappear and merge into Homestore.com but the UK portal will remain. Move.com will use the UK portal as part of its expansion in Europe." The deal will see Move.com handed 23.6 million ordinary shares with the deal expected to be completed within the next six months.