US real estate giant CoStar to buy Domain in $3 billion deal

Australian existent property website Domain will beryllium sold to US existent property elephantine CoStar successful a woody worthy almost $3 billion.

Nine, nan patient of this website, owns 60 per cent of Domain and will person astir $1.4 cardinal if nan woody is approved.

In a connection to shareholders this morning, Domain said it had entered into a strategy implementation deed pinch CoStar for it to get 100 per cent of nan institution astatine $4.43 a share.

CoStar bought 16.9 per cent of Domain successful February and has been engaged successful owed diligence for respective weeks to measure nan viability of acquiring nan remainder of nan business.

In a connection to its shareholders, Nine said it supports nan takeover bid and intends to ballot successful its favour.

"As nan controlling shareholder of Domain and pinch a attraction connected nan champion interests of Nine shareholders, Nine supports Domain's determination to participate into nan Scheme Deed," nan marketplace announcement reads.

"Following a broad reappraisal process, nan Board of Nine has wished that nan Transaction appropriately reflects nan strategical worth of Nine's liking successful Domain.

"Noting nan unanimous proposal of nan Domain Board, Nine intends to ballot each of nan Domain shares it holds aliases controls successful favour of nan Scheme successful nan absence of a superior connection and taxable to an Independent Expert concluding, and continuing to conclude, that nan Scheme is successful nan champion interests of Domain shareholders."

The takeover, if approved, is expected to return spot successful nan 3rd 4th of 2025.

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