Private equity firm TPG Capital could be moving closer to claiming its stake in Domain after the Australian Financial Review revealed the company is believed to have amassed shares in Fairfax Media.
More than 18.5 million shares changed hands on Monday, according to the newspaper, and a further 17.13 million on Tuesday.
AFR reports that Domain, which is owned by publisher Fairfax and the second largest online property portal in Australia, “is a key to any TPG deal, and accounts for most if not all of Fairfax’s $2.5 billion market capitalisation.”
Furthermore; Domain is an attractive asset for Fairfax and provides competition against the NewsCorp majority-owned REA Group who run realestate.com.au.
TPG and Fairfax Media have so far declined to comment on whether the private equity fund had bought a stake in the publisher.