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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.