The Foreign Investment Review Board has approved the sale of online property classified company Domain to US-based property group CoStar.
Domain said it had been notified by CoStar that it has today received written notice from the Foreign Investment Review Board.
Shareholders will now be asked to approve the deal at a meeting August 4.
Nine Entertainment’s share, from its 60% holding in Domain, is forecast to be A$1.4 billion in cash, net of capital gains tax.
The company intends to distribute a portion of that to shareholders via a fully franked special dividend of between 47 and 49 cents a share.
The deal with CoStar for A$4.43 a share is expected to be completed before the end of September.
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