Fallon brothers cash in on Distilled sale, securing nearly €240 million in cash and shares
Eamonn and Brian Fallon received almost €240 million in cash and shares after selling their 38 % stake in Distilled, the classifieds group behind Daft.ie and related sites.
New filings reveal that Eamonn and Brian Fallon, founders of Daft.ie, disposed of their 38 % stake in Distilled for €238.9 million, a mix of cash and shares, after the €627.4 million takeover orchestrated by Blacksheep Fund Management. The transaction included €450 million in cash, of which €312 million went to Adevinta, the former 50 % owner. The Fallons received the remaining €137.8 million in cash and €177.6 million in shares of the acquiring company’s parent.
Their post-deal holding stands at 16.66 % of voting shares each, amounting to a combined 33.32 % interest, valued at about €148 million on the balance sheet. Distilled’s 13-month results showed €64.4 million revenue, €66 million operating loss and a pretax loss near €80 million, driven by €81.9 million depreciation and €14 million finance costs on €188.4 million borrowings. The group also acquired Northern Irish sites for £89.63 million and bought 80 % of Eskimo Software for €3 million.
Why it matters
The transaction reshapes ownership of Ireland's leading online classifieds, impacting the market and the Fallons' future investment position.
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