
CoStar to buy Australia's Domain in $1.9 billion deal
CoStar
will acquire
Domain
for A$3 billion ($1.92 billion) including debt, the Australian property listings platform said on Friday, in a bid to create a well-capitalised rival to
News Corp
's REA.
After weeks of due diligence by CoStar, which owns a 16.9% stake in Domain, the companies have agreed on the U.S. firm's A$4.43 apiece offer.
Domain shares gained as much as 5.2% to A$4.47 and were set for their biggest single-day rise in nearly a month.
Media firm Nine Entertainment, Domain's largest shareholder, has expressed its support of the deal and would be receiving A$1.4 billion for its 60.1% stake. Nine shares jumped as much as 8.1% to A$1.61.
CoStar acquired a 16.9% stake in Domain on February 21, ahead of an initial takeover offer of A$4.20 apiece, which was subsequently raised. The acquisition would be put to a shareholder vote in mid-August.
Spatium Capital portfolio manager Jesse Moors said he would be watching how Australia's Foreign Investment Review Board considers the sovereignty risk with the Australian public's residential housing data being owned by an American real estate firm.
Nine, which owns popular newspapers such as The Age and Australian Financial Review, has failed to match Domain with the success that News Corp-controlled rival REA has enjoyed.
REA's market value reached A$33.16 billion, after jumping more than 160% since 2020.
Domain is currently valued at A$2.69 billion.
Shares in REA fell up to 4.2% and were set for their biggest one-day loss since early April.
"We do not expect a material impact on REA's position over the next 1-3 years, especially given REA's product execution and expect marketing schedules to initially expand if CoStar is successful in growing Domain's audience," said Citi analysts.
CoStar, originally an information and analytics provider for commercial real estate, has in recent years shifted focus toward building a dominant presence in online property marketplaces.

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First Post
22 minutes ago
- First Post
How decline of PM Ishiba's LDP reflects ‘Trump effect' on Japan
The Trump effect—embodied in both American policy and its global ideological footprint—has found fertile ground in Japan's political soil read more The ruling coalition in Japan, comprising the Liberal Democratic Party (LDP) and its junior partner, Komeito, suffered a significant political setback in the recent Upper House elections, reducing them to a minority status. This follows their earlier disappointing performance in the October 2024 Lower House elections, which had already cost them a majority. As it stands, the coalition now finds itself in the minority in both chambers of the National Diet, a rare and politically precarious position that may foreshadow deeper shifts in Japan's political landscape. STORY CONTINUES BELOW THIS AD Of the 125 Upper House seats contested, 124 were regular seats, while one was a by-election. The electoral system gives voters two votes: one for a candidate in their local constituency and another for a political party through proportional representation. Fifty of the seats were filled via the latter method, with the remaining 75 chosen by direct constituency vote. Prior to the election, the LDP-Komeito coalition held 75 uncontested seats. Their target was modest: secure at least 50 seats out of the 125 up for grabs, enough to maintain a slim majority. However, the results fell short. The coalition won only 47 seats, three fewer than needed for a majority. The LDP, under Prime Minister Shigeru Ishiba, lost 13 seats, while Komeito dropped six. Meanwhile, the opposition bloc made substantial gains, securing a combined total of 78 seats. Rising Discontent and Economic Anxiety Much of the disillusionment with the ruling coalition centres around economic frustrations. Inflation, long dormant in Japan, has resurfaced, now hovering above 3 per cent. 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His campaign framed foreign labour not as a solution to economic issues but as a scapegoat for them, blaming multinational corporations and globalist elites for Japan's domestic struggles. In addition to opposing immigration, Kamiya has proposed a fully independent Japanese defence force, free from US military dependency, and called for resisting American trade demands, especially in sensitive sectors like rice, beef, and automobiles. Ironically, while he borrows heavily from Trump's playbook, Kamiya positions himself as a defender of Japanese sovereignty against Trump policies that have been seen as exploitative or unfair toward Japan. STORY CONTINUES BELOW THIS AD The appeal of Sanseito's messaging, particularly among younger voters, reflects growing frustration with the LDP's perceived ineffectiveness and over-accommodation of foreign pressures. 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Japan, alongside South Korea, is subject to a 25 per cent tariff bracket under Trump's trade regime, based on claims that Japan has not sufficiently opened its domestic markets, particularly in agriculture and automobiles. STORY CONTINUES BELOW THIS AD In a notable diplomatic rebuke, Japan recently cancelled a scheduled '2+2' security dialogue with the US. While Foreign Minister Iwaya Takeshi did attend a Quad summit in Washington, the Ishiba administration had hoped that a strong showing in the Upper House elections would enhance its leverage in ongoing trade negotiations with both the US and EU. That hope, however, now appears dashed. Post elections, Ishiba said regarding the tariff negotiations with the US, he wanted to talk in person with President Donald Trump as soon as possible to realise an agreement that is mutually beneficial. A Crisis of Confidence Public confidence in Ishiba's ability to manage relations with the US and restore Japan's economic vitality has deteriorated. 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In his absence, political space has opened for new actors to challenge the traditional dominance of the LDP. These parties, while varying in extremity, often focus on a similar set of grievances: inflation, declining real incomes, tax burdens on the young to support an ageing population, and an increasingly lopsided alliance with the United States. Sanseito, in particular, has captured this mood of discontent and used it to craft a narrative that resonates with disillusioned voters. The party's momentum appears to be growing. Last month, it gained an additional seat when a member of another opposition party defected. It had also won three Lower House seats in a by-election in Tokyo last year, further solidifying its presence on the national stage. STORY CONTINUES BELOW THIS AD Looking Ahead While the ruling coalition lost its majority, the LDP remains the largest political force with a total of 101 seats. 'We must understand the responsibility as the leading party and the one we have to fulfil for the nation,' Ishiba said. He also signalled his intention to keep his position after the election, saying, 'I am keenly aware of [my] responsibilities.' Japan's political future is now uncertain. The ruling coalition's dual minority status will complicate legislative efforts and make it harder to implement any coherent agenda. Ishiba's government will likely face increasing internal dissent, coalition instability, and challenges from both the left and right. Whether this leads to early elections, leadership change, or further fragmentation of Japan's political landscape remains to be seen. But one thing is clear: the 'Trump effect'—embodied in both American policy and its global ideological footprint—has found fertile ground in Japan's political soil. 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Indian Express
22 minutes ago
- Indian Express
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22 minutes ago
- Business Standard
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