The $3.2 billion takeover of Domain by US-based CoStar Group has been legally finalised. Domain lodged the relevant court orders with the Australian Securities and Investments Commission (ASIC), confirming the completion of the deal. The Supreme Court of New South Wales had previously approved the scheme of arrangement, which paved the way for Domain’s removal from the Australian Securities Exchange (ASX). Trading in Domain shares will be suspended from the close of trade this afternoon.
Domain shareholders are set to receive a fully franked special dividend of 8.8¢ on August 19. They will also receive $4.342 cash per share on August 27. This figure is slightly reduced from the initial offer price of $4.43 to account for the dividend payout.
CoStar Group is a leading provider of online real estate marketplaces and information services. Domain is a real estate marketplace in Australia, offering property listings, data, and insights to consumers, agents, and developers. Nine Entertainment, the publisher of The Australian Financial Review, is the majority shareholder in Domain. The completion of this acquisition marks a significant shift in the Australian online property market.
