The chief executive of American property giant CoStar says he will invest heavily and add new features to Domain to reel in market leader REA, which he told investors was ripe for disruption because it had underinvested.
In his first public explanation for the proposed $2.8 billion takeover of Australia’s second-biggest property classifieds business, Andy Florance said Domain’s controlling shareholder, Nine Entertainment, had also not spent enough supporting what was a “very profitable” company.
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