(Reuters) -Australia’s Domain Holdings said on Friday that U.S. online real estate firm CoStar 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.
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)
Comments