Total
0
Shares
Domain (ASX:CHG) - CEO and MD, Jason Pellegrino
CEO and MD, Jason Pellegrino
Source: Domain
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Domain Holdings (DHG) agrees to acquire property data business Insight Data Solutions (IDS) for $140 million
  • The company will pay a cash consideration of $60 million upon completion, on top of a contingent consideration in tranches up until June 2027
  • IDS founders Louie Psaroulis, Mike Thanos and Chris Spanos will remain with the business to drive its strategy
  • Shares are down 0.57 per cent to $5.22 each at 4:05 pm AEST

Domain Holdings (DHG) has agreed to acquire property data business Insight Data Solutions (IDS) for $140 million.

Under the deal, DHG will pay IDS a $60 million cash consideration upon completion of the sale, which is anticipated in mid-October.

The company will also pay a contingent consideration in tranches over the performance period to June 2027, totalling $140 million or a maximum of $159 million in the event of over performance.

Domain CEO Jason Pellegrino said the company was pleased to welcome IDS to the group.

“IDS brings rich experience in building property data platforms and delivery services to support the workflow requirements of governments, particularly in regards to land valuations,” he said.

“Its platforms, workflow tools and property analytics allow governments to make more timely, accurate and nuanced decisions regarding land valuations, land use, tax policy and revenues.”

Mr Pellegrino said the importance of IDS’ services was likely to amplify as governments dealt with increasing land scarcity and challenges to housing affordability among other obstacles.

IDS founders Louie Psaroulis, Mike Thanos and Chris Spanos will remain with the business to drive its strategy.

Late in the session, shares were trading down 0.57 per cent to $5.22 each at 4:05 pm AEST.

DHG by the numbers
More From The Market Herald

" ALE Property (ASX:LEP) wins rent determination court case

Publican ALE Property (LEP) has emerged triumphant in its Victorian Supreme Court case regarding rental determinations ALE claimed were made in error in

" HomeCo Daily Needs REIT (ASX:HDN) merges with Aventus (ASX:AVN)

HomeCo Daily Needs REIT (HDN) and Home Consortium (HMC) have collectively agreed to a binding scheme implementation deed with Aventus (AVN) to purchase

" Irongate (ASX:IAP) receives takeover bid from 360 Capital (ASX:TGP) and 360 Capital REIT (ASX:TOT)

Irongate (IAP) received an unsolicited, highly conditional and indicative non-binding takeover proposal from 360 Capital Group (TGP) and 360 Capital REIT (TOT) on
GPT (ASX:GPT), CEO, Bob Johnston

" GPT (ASX:GPT) grows logistics portfolio to $4.1 billion

The GPT Group (GPT) has acquired a portfolio from Ascot Capital consisting of 23 logistics properties and one office asset for $681.7 million.