US online property firm CoStar Group has made a A$2.7bn (€1.65bn) takeover bid for Australian real estate listing company Domain.
CoStar has already acquired almost 17% of the company’s shares before submitting its proposal to acquire 100% of the issued capital by way of scheme of arrangement at A$4.20 per Domain share.
CoStar’s proposed all-cash offer will be adjusted for any dividends declared or paid prior to the transaction’s completion, excluding the previously announced 2 Australian-cent dividend.
Domain said it would appoint advisers to assist in the takeover process.
Nine Entertainment, a publisher of newspapers in Australia, including the Australian Financial Review, owns 60% of Domain’s issued shares.
In its statement, Nine said: “Domain is of strategic importance to Nine’s media ecosystem and our long-term growth strategy. Nine will consider the proposal with a focus on the best interests of Nine shareholders.”
Nasdaq-listed CoStar had previously made an unsuccessful offer for REA Group, owned by News Corp, which is the largest digital real estate marketplace in the country.
CoStar has been taking over smaller platforms to grow its range of information, analytics and marketing services serving the commercial property industry in North America and Europe.
CoStar bought UK portal OnTheMarket in October 2023 for about £99m and 3D property mapping service Matterport for $2.5bn last year.
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