Domain has agreed to buy commercial property digital listings platform CommercialView.com.au in a deal worth as much as $17.2 million.
Domain will make the acquisition through Commercial Real Estate Media, which will pay a maximum $2 million in cash and the remainder in newly issued shares.
An initial $4.2 million in cash and scrip will be paid when the deal completes on Friday.
That is the minimum Commercial Real Estate Media can pay, with further amounts following in two annual instalments only if the business meets certain performance targets.
‘Commercial Real Estate has seen tremendous growth in the last three years, benefiting its customers, shareholders and the broader industry,’ Domain chief executive Jason Pellegrino said on Monday.
‘The unanimous support for the transaction from CommercialView shareholders is a strong vote of confidence in the upside potential of our commercial real estate business.’
Domain, which is majority owned by Nine Entertainment, holds a 70 per cent stake in Commercial Real Estate Media.
The remainder is held by other real estate businesses.