Domain, a prominent Australian real estate platform, is set to be acquired by the US real estate firm CoStar in a deal approaching $3 billion. Nine Entertainment, the primary stakeholder with a 60 per cent share in Domain, stands to gain roughly $1.4 billion if the acquisition is approved.
This morning, Domain announced it has reached a scheme implementation agreement with CoStar, offering to purchase the entire company at a price of $4.43 per share. Initially, CoStar acquired a 16.9 per cent stake in Domain back in February and has since been conducting due diligence to evaluate the prospects of fully acquiring the business.
In a shareholder announcement, Nine expressed its support for the takeover proposal, indicating its intention to vote in favour of the deal. The company’s statement highlighted its commitment to prioritising the interests of its shareholders while endorsing Domain’s decision to engage with CoStar.
Nine’s Board remarked, “After a thorough review, we conclude that this transaction adequately embodies the strategic importance of our investment in Domain.” Furthermore, Nine plans to vote for all Domain shares it holds, expecting that an Independent Expert will affirm the transaction as beneficial for Domain shareholders, barring any superior offers.
Should the acquisition receive the necessary approvals, it is anticipated to be finalised by the third quarter of 2025.