CoStar Group Sets Sights on Australia's Domain Holdings in $1.92 Billion Deal

Published 11 hours agoCSGP

CoStar Group Sets Sights on Australia's Domain Holdings in $1.92 Billion Deal

CoStar Group, a leading U.S. real estate analytics company, has revealed plans to acquire Australian property listing representative, Domain Holdings. The proposed acquisition is valued at A$3 billion, or roughly $1.92 billion, including debt. This move positions CoStar to expand its presence in international real estate markets, as highlighted by Reuters.

The acquisition offer includes a cash proposal of A$4.43 per share, marking an improvement over the initial offer of A$4.20. Following this announcement, shares of Domain rose by as much as 5.2%, and Nine Entertainment, Domain's largest shareholder, saw its stock jump 8.1%. Despite this development, REA Group, under the ownership of News Corp, is anticipated to maintain its market dominance in Australia’s property listings, according to Citi analysts.

Pending approval from Domain's shareholders expected in mid-August, the acquisition may face regulatory examination by Australia's Foreign Investment Review Board, especially concerning national data sovereignty issues. CoStar's decision to bid on Domain aligns with its strategic shift from being purely a commercial real estate analytics provider to becoming a pivotal player in online property marketplaces.

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