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Domain Holdings share price higher after announcing CommercialView deal

The Domain Holdings Australia Ltd (ASX: DHG) share price is 1.29% higher at $2.35 in late Monday morning trade.

This comes after the company announced earlier on Monday that it has agreed to buy commercial property digital listings platform CommercialView.com.au in a deal worth between $4 million and $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 Co Holdings Ltd (ASX: NEC), holds a 70% stake in Commercial Real Estate Media. The remainder is held by other real estate businesses.

Despite today’s lift in the DHG share price, the Domain share price has fallen over 33.5% in the last 12 months, compared to the S&P/ASX 200 Index which has fallen 6.55% in the period.

with AAP

The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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