Australia’s leading independent law firm, Corrs Chambers Westgarth, has advised CoStar Group, Inc. (CoStar) in relation to its proposed acquisition of Domain Holdings Australia Limited (Domain) at an implied enterprise value of A$3 billion, including its A$450 million pre-bid stake acquisition of 16.9% of the issued shares in Domain.
CoStar, a US-based provider of information, analytics and marketing services to the commercial property industry, has agreed to acquire 100% of the shares in Domain not already owned by CoStar. The transaction will take place by way of a scheme of arrangement. Domain is an ASX-listed Australian digital property marketplace, with Nine Entertainment Co. Holdings Limited currently holding a 60% majority stake.
The transaction was led by Corrs head of corporate, Sandy Mak and corporate partner Adam Foreman, and supported by a team of experts across the firm’s competition, tax, intellectual property, technology, media and telecommunications, employment, labour and safety, banking and finance, real estate, regulatory compliance, and litigation practices.
Lead partner Sandy Mak said: “We are delighted to advise CoStar on this significant and strategic acquisition, which marks its entry into the Australian real estate listings market. The move will enable CoStar to leverage its technology, scale and innovation to deliver great value for agents, vendors and home buyers."
Partner Adam Foreman added: “The transaction demonstrates Corrs’ reputation as an Australian law firm of choice in cross-border, large-scale, complex public M&A acquisitions.”