US real estate firm CoStar offers to buy Australia's Domain in $1.7 billion deal (updated)

Domain Holdings Australia

20/02/2025 21:59

(Adds details on the deal from paragraph 2 onwards)
       Feb 21 (Reuters) - Australia's Domain Holdings  DHG.AX 
said on Friday that U.S. online real estate firm CoStar  CSGP.O 
had offered to buy the property classifieds firm in a deal
valuing it at A$2.65 billion ($1.70 billion).
        Domain said CoStar had acquired a 16.9% stake in the
company on Thursday and has proposed to buy the rest of the
shares at A$4.20 per share in cash.  
  
        The offer is at a 34.6% premium to Domain's closing
share price of A$3.12 on Thursday.   
  
        A source had earlier told Reuters that CoStar was 
    preparing
     a bid for Domain, which is about 60% owned by Australian
media group Nine Entertainment  NEC.AX .
  
        The deal would be CoStar's first time owning an
Australian asset.
  


($1 = 1.5623 Australian dollars)

 (Reporting by Himanshi Akhand in Bengaluru; Editing by Mohammed
Safi Shamsi)
 ((Himanshi.Akhand@thomsonreuters.com;))