Australian real estate website Domain will be sold to US real estate giant CoStar in a deal worth almost $3 billion.
Nine, the publisher of this website, owns 60 per cent of Domain and will receive around $1.4 billion if the deal is approved.
In a statement to shareholders this morning, Domain said it had entered into a scheme implementation deed with CoStar for it to acquire 100 per cent of the company at $4.43 a share.
CoStar bought 16.9 per cent of Domain in February and has been engaged in due diligence for several weeks to assess the viability of acquiring the rest of the business.
In a statement to its shareholders, Nine said it supports the takeover bid and intends to vote in its favour.
“As the controlling shareholder of Domain and with a focus on the best interests of Nine shareholders, Nine supports Domain’s decision to enter into the Scheme Deed,” the market notice reads.
“Following a comprehensive review process, the Board of Nine has determined that the Transaction appropriately reflects the strategic value of Nine’s interest in Domain.
“Noting the unanimous recommendation of the Domain Board, Nine intends to vote all of the Domain shares it holds or controls in favour of the Scheme in the absence of a superior proposal and subject to an Independent Expert concluding, and continuing to conclude, that the Scheme is in the best interests of Domain shareholders.”
The takeover, if approved, is expected to take place in the third quarter of 2025.
