Pursuits
Billionaire Packer Buys 9.4% of Zillow as U.S. Housing Rises
This article is for subscribers only.
Australian billionaire James Packer bought 9.4 percent of Zillow Inc., becoming the second-biggest shareholder in the U.S. real-estate website, after housing starts in the country rose to a five-year high.
Cavalane Holdings Pty bought about 3 million shares, Seattle-based Zillow said in a filing, without giving financial terms. The stake is valued at $298 million based on Zillow’s last closing price. Cavalane, controlled by Packer, is Zillow’s largest shareholder after Caledonia Private Investments Pty, according to data compiled by Bloomberg.