Just months ago, Domain was a $2bn underdog.
Domain had long trailed its rival REA Group, struggling to shake its second-place tag.
Then came a $3bn play that changed everything.
US real estate data giant CoStar swooped in with a cash bid at $4.43 a share — a massive 50% premium. That sealed the deal for Nine Entertainment, Domain’s 60% owner.
Here’s how Gilbert + Tobin, Corrs Chambers Westgarth and Ashurst steered one of Australia’s biggest M&A deals of 2025.
CoStar comes calling
CoStar didn’t waste time.
In February, it quietly snapped up 16.9% of Domain at $4.20 a share — a bold $452 million toehold that showed commitment and boxed out rivals.
Weeks later, CoStar sweetened its offer to $4.43.
That sealed Nine’s support and, by March, exclusivity was locked in.
From there, the takeover path was clear. But with a US buyer, a scheme structure, and a controlling shareholder in the mix, heavyweight lawyers were essential.
The legal line-up
The legal line-up was telling.
Nine, as Domain’s controlling shareholder, stuck with Ashurst. The choice was no surprise — Ashurst had long been Nine’s trusted counsel, advising the media company back in the day on the Fairfax merger.
Domain had also historically used Ashurst, but with Nine locking down the Big 6 firm, Domain needed independent counsel, so it turned to Gilbert + Tobin.
G+T rolled out Costas Condoleon, one of Australia’s top corporate lawyers and a freshly minted member of the Takeovers Panel.
Widely recognised as a strategic M&A expert, Condolean has steered headline transactions like the $39bn Afterpay-Square deal — the largest public M&A deal in Australian history. He was backed by fellow partner Karen Evans-Cullen, a former Panel member, adding another layer of scheme expertise.
On the buy side, CoStar tapped Corrs. It was a strategic call for an American entrant with no local footprint. After all, Corrs is Australia’s leading independent company and is seasoned in cross-border plays.
Corrs’ Corporate head Sandy Mak led alongside partner Adam Foreman.
Mak’s resume is stacked with cross-border M&A, having formerly worked at Freshfields in London and Hong Kong. Foreman’s track record includes advising Coca-Cola European Partners on its $11.1bn acquisition of Coca-Cola Amatil — one of the biggest inbound deals in Australia. Together, they marshalled a multi-disciplinary team across tax, comp, IP and more.
A market shake-up
By May, the parties inked a Scheme Implementation Deed, unanimously backed by Domain’s board, with Nine committing its 60% stake in support.
The only genuine hurdle was FIRB. With Domain holding vast amounts of Australian housing data, the deal raised some eyebrows over data sovereignty. But FIRB ultimately greenlit the acquisition by the NASDAQ-listed property data business.
By mid-July, all signs pointed to smooth sailing.
No rival bidder emerged, likely deterred by CoStar’s foothold and Nine’s backing. While CoStar couldn’t vote its 16.9% stake, the August shareholder vote was simply a formality. Thanks to Nine’s pre-commitment, CoStar easily cleared the hurdle.
Corrs, G+T and Ashurst stitched a complex $3bn cross-border scheme into a seamless transaction — no objections, delays or dramas.
For Nine, the deal delivers a $1.4bn windfall — enough to clear $628 million in debt and refocus on its media business.
For CoStar, it’s a launchpad into Australian prop tech, and a chance to finally give REA Group a cashed-up rival.
For REA, its stock dipped 4% on the announcement, a sign investors see Domain with new life under US ownership.
Analysts caution REA’s moat won’t be broken overnight.
But CoStar has the firepower to play the long game.