Technology and services

Supporting innovation in the Australian property technology sector

Macquarie Capital acted as sole financial adviser to CoStar Group, a global leading provider of online real estate marketplaces, information and analytics, on its acquisition of Australian property marketplace Domain for an enterprise value of $A3 billion

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SectorTechnology and services
Sub-sectorMedia
LocationAustralia/Americas

Opportunity

The Australian property technology sector is rapidly evolving, with increasing demand for innovative, user-centric platforms that deliver greater value to agents, vendors and homebuyers.

Domain, headquartered in Sydney, is a leading property platform and reaches an average of 7 million Australians monthly through its portfolio. CoStar Group, a global leader in online real estate technology, identified Domain as a strategic asset to expand its international footprint and drive competition in Australia’s property market.

Approach

Macquarie Capital acted as the sole financial adviser to CoStar Group, including on its pre-bid stake acquisition, followed by a control transaction for the remainder of Domain’s shares through a scheme of arrangement.

The transaction required navigating complexities such as the execution of a pre-bid stake acquisition, the negotiation of a control transaction with the Domain board and careful consideration of the objectives of Domain’s shareholders, including securing the support of its major shareholders.

Macquarie Capital leveraged its full-service practice to provide tailored advisory services through combining the strengths of its Technology, Media, Entertainment and Telecommunications (TMET), Equity Capital Markets and Strategic Equities teams. This coordinated ‘whole of firm’ approach was critical in assisting CoStar Group to navigate the unique Australian regulatory and legal frameworks and to execute a cross-border acquisition of an Australian listed company.

Outcome

The acquisition of Domain by CoStar Group was successfully implemented via a scheme of arrangement in August 2025, with Domain shareholders receiving $A4.43 per share.1

This landmark cross-border transaction values Domain at an enterprise value of $A3 billion and positions the company to enhance its offerings for agents, vendors and buyers.

CoStar Group’s entry into the Australian market is expected to deliver improved user experiences, and the integration of Domain’s strong local brands with CoStar Group’s technology and investment capacity is set to further enable innovation in the Australian property sector.

At the time of completion, this transaction represented one of the top five largest completed public M&A deals in Australia and New Zealand.2

Top 5

largest completed public M&A deal in Australia and New Zealand in 20252

$A3 billion

enterprise value of transaction

5 of 7

largest TMET transactions in Australia and New Zealand advised on by Macquarie Capital in the last 12 months3

  1. Inclusive of special dividend of 8.8c per Domain share
  2. As at 2 October 2025
  3. As at 28 August 2025; date of transaction completion

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