CoStar to acquire Domain from Nine Entertainment for AUD2.8bn.

CoStar, a provider of online real estate marketplaces, information and analytics in the property markets, agreed to acquire Domain, a real estate company, from Nine Entertainment, an Australian publicly listed company with holdings in mass media radio and television broadcasting, publishing and digital media, for AUD2.8bn. “We’re pleased to have reached an agreement with Domain and to see Nine’s support of this transformative transaction. As one of the first and most experienced digital real estate companies in the world, CoStar Group brings a proven track record of building high-traffic online marketplaces that deliver real value. With our technology, scale, and the innovation we’re known for, we see a tremendous opportunity to enhance the Australian property market. By combining Domain’s deep expertise with our global experience and best practices, we will build a more compelling user experience at a lower cost - driving greater value for agents, vendors, and home buyers. We will also create value for our customers globally by incorporating Domain’s learnings and best practices into our marketplaces outside of Australia. We are confident this acquisition will foster more competition in Australia,” Andy Florance, CoStar Group Founder and CEO.