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Australia's Domain Group will be acquired by CoStar Group, a U.S.-based real estate analytics company, for AUD 3 billion (roughly USD 1.92 billion), including debt. The deal, which includes a purchase price of AUD 4.43 per share, has been endorsed by Domain's board and its majority shareholder, Nine Entertainment. CoStar, which already holds a 16.9% stake in Domain, aims to leverage this acquisition to enhance its presence in the online property marketplace sector, competing directly with REA Group, Australia's leading property portal. The transaction is expected to undergo a shareholder vote in mid-August and may require approval from Australia's Foreign Investment Review Board.
CoStar Group, a prominent U.S.-based real estate analytics firm, has reached an agreement to acquire Australia's Domain Group for AUD 3 billion (approximately USD 1.92 billion), including debt. This acquisition, priced at AUD 4.43 per share, has been approved by Domain's board and its majority shareholder, Nine Entertainment. CoStar, which already owns a 16.9% stake in Domain, aims to bolster its position in the online property marketplace sector, challenging the dominance of REA Group, Australia's leading property portal. Advertisement
The deal has been well-received in the market, with Domain's shares rising up to 5.2% following the announcement. Nine Entertainment, which holds a 60.1% stake in Domain, is set to receive AUD 1.4 billion from the sale. REA Group's shares, however, experienced a decline of up to 4.2% in response to the news.
CoStar's expansion into the Australian market aligns with its broader strategy to transition from a commercial real estate analytics provider to a leader in online property marketplaces. The acquisition is subject to a shareholder vote scheduled for mid-August and may also require approval from Australia's Foreign Investment Review Board, particularly concerning concerns over national data sovereignty.
As CoStar aims to challenge the established dominance of REA Group in Australia, the outcome of this acquisition could reshape the competitive landscape of online property platforms in the region. Stakeholders, including investors and regulatory bodies, will be closely monitoring the developments of this transaction in the coming months.
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