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Domain snatches up digital listings platform
Clarendon Lawyers has advised on a transaction which saw a subsidiary of Domain Holdings Australia acquire a digital listings platform.
Emma Musgrave
Firms: Clarendon Lawyers (Commercialview.com.au Limited); Deloitte Private (Commercialview.com.au Limited)
Value: The maximum consideration for the sale is $17.2 million, of which a maximum of $2 million is payable in cash. The remainder is payable in newly issued shares in CREM, according to a statement from Clarendon Lawyers.
Area: M&A
Key players: The Clarendons team was led by director Robert Feiner, who was assisted by Ingrid Mohr and Ayesha Singh.
Deal significance: CommercialView is a commercial property digital listings platform that is owned and supported by some of Australia’s leading commercial real estate agencies in Victoria and NSW, the statement from Clarendons explained.
The firm noted CREM is 70 per cent owned by Domain and 30 per cent owned by members of the commercial real estate industry.
“The transaction aligns the interests of commercial real estate agents and is expected to better position CREM and CommercialView for future growth,” the Clarendons' statement said.
Director Robert Feiner congratulated CommercialView and its shareholders on the transaction.
“We are very pleased to have worked with the CommercialView Board and CEO Daniel Bignold to deliver a successful sale of the CommercialView real estate business to Domain,” he said.
“The sale involved a complex process given the nature of the business and number of real estate agencies involved. The sale represents an exciting opportunity for the combined businesses to grow their market share and earnings in the industry going forward.”
Emma Musgrave
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
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