Supreme Court Approves Shareholder Vote for CoStar Group's Domain Acquisition Bid

New South Wales' Supreme Court has approved a shareholder vote for Domain to decide on CoStar's proposed acquisition of the company.

The decision allows Domain to distribute the terms of the deal to its shareholders, granting them access to key information about the acquisition offer before deciding on how to cast their votes. Domain's shareholders are expected to receive this information in the first week of July.

Domain's board has already unanimously recommended that shareholders approve the takeover. Majority shareholder Nine Media, which holds a 60% stake in the company, is also behind the acquisition.

CoStar submitted a $1.9 billion acquisition offer for Domain in May 2025 after a February raid that saw CoStar hoover up a 16.9% stake in Domain in one fell swoop—a purchase that forced Nine Media into talks about a takeover.

An original bid of circa A$2.7 billion (USD 1.72 billion) was subsequently rejected before CoStar tabled its improved bid in May.

CoStar has been busy with this acquisition. Firstly, the company is expected to bring back ex-Domain CEO Jason Pellegrino to the company once the acquisition goes through, according to the Australian Financial Review.

Pellegrino was previously CEO of Domain from August 2018 until his departure in late 2024, navigating a series of interest rate hikes, the pandemic and ongoing rivalry with REA Group. His return remains unconfirmed until shareholder approval of the CoStar bid, which is expected in August. Both Domain’s board and majority owner Nine Entertainment, have recommended that investors support the transaction.

Meanwhile, the Group has put its money where its mouth is by forking out nearly $15 million on the Homes.com.au domain to give itself the option of a major rebrand in the future.

A source close to the deal told Online Marketplaces that CoStar believes it can turn Domain into a leader in Australia, while News Corp CEO Robert Thomson says REA Group's realestate.com.au will still have an advantage post-acquisition.