US real estate firm CoStar prepares $1.7 billion bid for Australia's Domain, source says (updated)

Domain Holdings Australia

20/02/2025 08:43

(Adds deal detail from second paragraph)
    By Scott Murdoch
       SYDNEY, Feb 20 (Reuters) - U.S. real estate firm CoStar
 CSGP.O  is preparing an A$2.7 billion ($1.72 billion) bid for
Australian property classifieds firm Domain Holdings  DHG.AX ,
said a person with direct knowledge of the matter.
    CoStar declined to comment and Domain did not immediately
respond to a request for comment from Reuters.
    CoStar began buying Domain stock at A$4.20 a share on
Thursday and has gained control of as much as 19% of the
company, the person said.
    The person declined to be identified discussing confidential
information.
    A term sheet seen by Reuters, which did not identify the
buyer of the stock, said the suitor intended to launch a full
takeover at A$4.20 a share.
    The offer is a 34.6% premium to Domain's closing share price
on Thursday of $A3.12.
    
($1 = 1.5689 Australian dollars)

 (Reporting by Scott Murdoch; Editing by Tomasz Janowski and
Christopher Cushing)
 ((Scott.Murdoch@thomsonreuters.com;))