CoStar to Buy Property Site Domain at $1.9 Billion Valuation (1)

Real estate analytics provider CoStar Group Inc. has entered a binding agreement to buy property portal Domain Holdings Australia Ltd. in a deal that values the target at A$3 billion ($1.92 billion).

CoStar, which already holds almost 17% of the company, will pay A$4.43 per share for the remainder, Domain said Friday in a statement. The buyer had first offered A$4.20 per share in February, before boosting its bid to the current level on March 27.

The price is 42% higher than Domain’s stock price before the first approach was disclosed on Feb 21, the target said.

Shareholders are expected ...