CoStar Offers to Acquire Australian Real Estate Firm Domain Holdings for $1.7B
Sydney, Australia - Domain Holdings announced today an acquisition offer from CoStar, a U.S.-based online real estate services provider. The proposed deal values Domain at A$2.65 billion ($1.70 billion).
CoStar has already acquired a 16.9% stake in Domain and intends to purchase the remaining shares for A$4.20 per share in cash. The offer represents a 34.6% premium on Domain's previous closing share price.
The acquisition marks CoStar's entry into the Australian market. It would give the company a significant presence in the Australian property classifieds sector, where Domain is a leading player.
Media group Nine Entertainment currently holds approximately 60% of Domain's shares. The proposed acquisition is subject to regulatory approvals and Domain shareholder approval.