Corrs advises CoStar on major acquisition

Australia’s leading independent law firm, Corrs Chambers Westgarth, has provided legal counsel to CoStar Group, Inc. (CoStar) regarding its proposed acquisition of Domain Holdings Australia Limited (Domain). This significant deal is valued at an implied enterprise value of A$3 billion, which includes CoStar's acquisition of a pre-bid stake of A$450 million for 16.9% of Domain's issued shares.

CoStar, a US-based provider of information, analytics, and marketing services to the commercial property sector, has plans to secure 100% of the shares in Domain that it does not already possess. This transaction is set to proceed via a scheme of arrangement. Domain is listed on the Australian Securities Exchange (ASX) and currently has Nine Entertainment Co. Holdings Limited as the holder of a 60% majority stake.

The multifaceted transaction was spearheaded by Corrs' head of corporate, Sandy Mak, alongside corporate partner Adam Foreman. They were additionally supported by a team skilled in various legal disciplines, encompassing competition, tax, intellectual property, technology, media and telecommunications, employment law, safety regulations, banking and finance, real estate, regulatory compliance, and litigation.

Sandy Mak expressed enthusiasm about the acquisition, stating “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.”

Further reinforcing this stance, partner Adam Foreman remarked, “The transaction demonstrates Corrs’ reputation as an Australian law firm of choice in cross-border, large-scale, complex public M&A acquisitions.” This acquisition heralds a new chapter for CoStar in the competitive Australian real estate landscape, positioning the firm for growth and innovation through enhanced market presence.