The ANZ Group Holdings Ltd (ASX: ANZ) share price is in the red this morning amid news of a $50 million investment.
The smallest of the big four banks is buying a minority stake in Australian property media and technology company View Media Group (VMG) and is aiming for exclusive benefits.
Right now, the ANZ share price is $25.615, 0.52% lower than its previous close.
For comparison, the S&P/ASX 200 Index (ASX: XJO) is currently slipping 0.07%. Meanwhile, the S&P/ASX 200 Financials Index (ASX: XFJ) â housing the marketâs biggest banks â is down 0.41%.
Letâs take a closer look at the banking giantâs latest buy.
ANZ share price sinks despite $50m real estate tech investment
ANZ is making a foray into realty technology, snapping up a stake in real estate digital media and technology services company VMG.
The stake is expected to bolster the bankâs strategy to establish a suite of services making it easier to buy, rent, or own property.
It’s also planning to create an exclusive financial services partnership on some of VMG’s key offerings. They include property-listing platform realestateview.com.au, AI-powered real estate service Propic, and comparison service Beevo.
The acquisition might help boost ANZâs hold in the Aussie mortgage market. It will also see it with a seat on VMGâs board.
VMG launched last year. It was established by former Domain Holdings Australia Ltd (ASX: DHG) boss Antony Catalano and Aussie billionaire Alex Waislitz.
It counts Seven West Media Ltd (ASX: SWM) as a strategic investor.
Catalano and Waislitzâs Thorney Investment Group also bought Australian Community Media (ACM) from Nine Entertainment Co Holdings Ltd (ASX: NEC) in 2019.
The bank’s $50 million investment was officially announced today. However, a real estate media venture appears to have been on its mind for some time now.
And it might not be the first time ANZ and Catalano were involved in such talks.
ANZ considered buying a 20% stake in Domain for $600 million in 2018, the Australian Financial Review reports.
The post ANZ share price slips amid $50m acquisition appeared first on The Motley Fool Australia.
FREE Beginners Investing Guide
Despite what some people may say – we believe investing in shares doesn’t have to be overwhelming or complicated…
For over a decade, we’ve been helping everyday Aussies get started on their journey.
And to help even more people cut through some of the confusion “experts’” seem to want to perpetuate – we’ve created a brand-new “how to” guide.
Yes, Claim my FREE copy!
*Returns as of February 1 2023
(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}
setButtonColorDefaults(“#0095C8”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#0095C8”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()
More reading
- ANZ shares have been on a roll in 2023. Can it last?
- Top ASX dividend shares to buy in February 2023
- ‘Attractive stock’: Fundie names one ASX share to buy, one to watch, one to avoid
- Is the ANZ share price cheap right now?
- Investing in ASX 200 bank shares? Hereâs the dividend outlook for 2023
Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Nine Entertainment. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
from The Motley Fool Australia https://ift.tt/Qpf50t8
Leave a Reply