Domain is set to acquire property listings business Commercialview.com.au in the first mega play since the Nine takeover.
It's also the first move from recently appointed CEO Jason Pellegrino who joined the business in July.
The acquisition will occur via a subsidiary of Domain, Commercial Real Estate Media (CREM), which is currently approximately 70% owned by Domain, with the remainder owned by the members of the commercial real estate industry.
The consideration for the proposed transaction is between $4.2m and $17.2m, which is payable in three tranches, partially contingent relating the future financial performance in the real estate industry.
The maximum consideration for the acquisition is $17.2m, of which a maximum of $2m is payable in cash, with the remainder payable in newly issued shares in CREM.
Pellegrino said: “Commercial Real Estate has seen tremendous growth in the last three years, benefiting its customers, shareholders and the broader industry. The unanimous support for the transaction from CommercialView shareholders is a strong vote of confidence in the upside potential of our Commercial Real Estate business.”
Commercial View is a commercial property digital listings platform that is owned and supported by some of Australia’s leading commercial real estate agencies in Victoria and New South Wales.
The proposed transaction is targeted to complete on 21 December 2018.
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