Fairfax sells Stayz to US firm

Fairfax sells holiday rentals website Stayz for almost 17 times its 2013 financial earnings.

Fairfax Media has sold its holiday rentals website Stayz to US-listed holiday rentals group HomeAway for about $220 million.

The sale provides boost for Fairfax, having purchased the business in 2005 for just $12.7 million.

Fairfax said the sale price was worth almost 17 times more than Stayz’s 2013 financial earnings.

Fairfax chief executive Greg Hywood said in a memo to staff that there was a competitive sale process after receiving some “compelling” offers.

Mr Hywood said the sale showed Fairfax can “clearly add value to digital businesses”.

The interest in Stayz follows last year’s sale of Fairfax’s remaining stake in New Zealand online auctioneers Trade Me.

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