MONTREAL -- The Desjardins Group is getting into real estate sales services by buying the assisted sales network DuProprio and the Canadian brokerage activities of the British company Purplebricks.
The transaction concluded with Purplebricks Group, announced Wednesday and valued at approximately $60.5 million, will be added to the mortgage financing and insurance activities of the Quebec financial cooperative group.
While the DuProprio brand estimates that it is associated with approximately 20 per cent of real estate transactions in Quebec, Purplebricks Canada, formerly known as Comfree, is present in Ontario, Manitoba and Alberta. These two brands have some 500 employees - including 300 in Quebec.
"Thanks to our competitive mortgage financing and this new acquisition, we will continue to support people, whether they choose a broker or a service without an intermediary,'' said the president and Chief Executive Officer of Desjardins, Guy Cormier, in a press release.
DuProprio is back under the control of Quebec interests, about two years after being sold by Yellow Pages for $51 million as part of a refocusing of its activities. Desjardins started the discussions to buy DuProprio last September.
Desjardins says it intends to leave in place the management teams of Duproprio, which was created in 2007 in Lévis, and Purplebricks Canada.
This report by The Canadian Press was first published July 15, 2020.
