CoStar Group to Acquire Domain Holdings Australia for $1.7 Billion

Published 16 hours agoCSGP

CoStar Group to Acquire Domain Holdings Australia for $1.7 Billion

CoStar Group Inc., a prominent player in the real estate analytics industry, is set to acquire Domain Holdings Australia for A$2.65 billion (around $1.7 billion). This acquisition signals a significant expansion into the Australian market. According to Reuters, CoStar has offered A$4.20 per share in cash for Domain's outstanding shares, which is a 34.6% premium over the closing price before the offer.

The news of the acquisition led to a surge in Domain's stock, which jumped as much as 45%, reaching a three-year high of A$4.28. Prior to making this offer, CoStar already held a 16.9% stake in Domain, positioning it well for this full acquisition. However, this deal must still secure approval from Australia's Foreign Investment Review Board.

This purchase marks CoStar's first venture into owning an asset in Australia. The move demonstrates the company's strategy to bolster its presence in the competitive Australian real estate market and represents its first significant investment in the region.

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