Australia's Nine Entertainment rises on CoStar buyout of Domain

Nine Entertainment Holdings

09/05/2025 03:20

Updates

** Shares of Nine Entertainment NEC.AX soar as much as 8.1% to A$1.610, their highest levels since March 26

** Stock logs its biggest intraday pct gain since April 10

** NEC among top gainer in the ASX 200 benchmark

** The media firm intends to vote in favour of U.S. firm CoStar's CSGP.O buyout of Domain Holdings DHG.AX, in which Nine Entertainment holds a 60% stake

** CoStar to buy remaining shares in Domain it does not already own at A$4.43/shr, a 4.2% premium to DHG's last close

** Nine expects to receive A$1.4 billion in cash proceeds, which it intends to distribute as fully franked special dividend

** Special dividend could be in range of 47-49 Au cents per share

** YTD, NEC up 28.3%

 (Reporting by Nichiket  Sunil in Bengaluru)

 ((Nichiket.Sunil@thomsonreuters.com))