☕️Real estate Raid

Good morning.

US property firm CoStar timed its pounce on Domain perfectly.

The US$32 billion ($50 billion) Nasdaq-listed company made its move while Domain chairman Nick Falloon is getting his ‘White Lotus’ on in SE Asia, and the company's interim CEO Greg Ellis is just getting acquainted with his desk mere days into the new job. Meanwhile, its 60% shareholder Nine is a rudderless ship without a permanent CEO following last year’s leadership exodus.

According to Capital Brief sources, CoStar acquired a 7.5% stake in Domain from a single selling shareholder on Thursday to build an initial position at $4.20 a share. After market close, Macquarie Capital executed a further raid to lift the US company’s stake beyond 10% at the same price. CoStar also made a non-binding indicative offer to the board for the company at that price, valuing Domain at about $2.6 billion.

Domain is expected to publicly confirm the offer in an announcement to the market this morning.

🏆 LOI Subscriber #TBD

Market movers

Megaport shares skyrocketed Thursday, after the IT services provider upgraded its full-year revenue guidance, with analysts seeing signs of stabilisation despite mixed results.

The quick sync

• Australia’s Silicon Quantum Computing just smashed a quantum computing record, underscoring its unique chip-making edge as competition with Microsoft and other big tech firms heats up. (Capital Brief)(AFR)

• Sharesies co-founder Sonya Williams shares how the fast-growing investment platform is making wealth-building more accessible across ANZ, with 700k users and $3.4b under management. (Capital Brief)

• HMC Capital is exploring a private equity-led rescue plan for struggling hospital operator Healthscope, with Ramsay Healthcare and St John of God Health Care emerging as potential partners. (Capital Brief)

• Challenger hits back at reported government plans to mandate retirement income protections, warning that competition and innovation—not regulation—are the key to retirees’ financial security. (Capital Brief)

Trading floor

M&A

• The Coalition wants safeguards on Saudi Arabia’s $1.58b stake in DAZN as regulators review its Foxtel acquisition. (Capital Brief)

• Clive Palmer is exploring a purchase of Star Entertainment's Queensland assets, following interest from Bruce Mathieson. (AFR)

• Opus Agency acquires The CWK to expand into APAC and strengthen brand marketing capabilities. (Opus)

• Aristocrat Leisure will repay debt, launch a share buyback, and explore acquisitions after selling Plarium for $600m. (Capital Brief)

• Origin and Goodman consider demergers; Origin eyes Octopus IPO, Goodman weighs data center spin-off. (The Australian)

• Zenith Energy is asking shortlisted bidders, including KKR, to reconfirm their offers as its refinancing reaches $1.9b. (AFR)

• Prada gets first dibs on Versace’s books, but with the brand’s sliding sales and uncertain value, sealing a deal won’t be easy. (Reuters)

• Apollo, Sycamore and Brigade are circling Family Dollar, betting on a turnaround as Dollar Tree rethinks its struggling acquisition. (Reuters)

Capital Markets

• Goodman Group raised $4b for debt repayment and growth, but shares fell after the placement. (Capital Brief)

• The ACCC will prioritize cracking down on excessive surcharging with new government funding. (Capital Brief)

• Fortescue may pause $1b in hydrogen projects, cuts green energy spending by 20%. (AFR)

• NAB’s survey shows SME business confidence improved in Q4 but remains negative across most industries. (Capital Brief)

• Wesfarmers warns of inflation risks from a weak AUD and U.S. tariffs, despite an interest rate cut. (Reuters)

• Blackstone is exploring asset-backed securities (ABS) bonds to fund the Asia-Pacific expansion of AirTrunk, its Australian data center firm. (Bloomberg)

• The federal and SA governments pledged $2.4b to rescue Whyalla steelworks, with additional funding for green steel. (Capital Brief)

• BlueScope may manage Whyalla steelworks for the government but is unlikely to buy the loss-making site. (The Australian)

• KPMG US scraps diversity reports, ends DEI goals post-Trump win. (FT)

• WiseTech Global entered a trading halt ahead of an announcement on governance issues amid controversies involving founder Richard White. (Capital Brief)

• Challenger opposes government-imposed superannuation protections, advocating for competition and better financial advice instead. (Capital Brief)

• Judo Bank’s regional SME focus fuels $2.3b in loans, 70% profit growth, and share gains. (SmartCompany)

• Bankers eye Challenger for a potential block trade after Apollo cut its stake. (AFR)

• Anglo American posts US$2.9b loss on De Beers, plan exit; partners with Codelco on Chile copper mines. (Capital Brief)

• Alibaba to ramp up AI and cloud investment over the next three years. (FT)

• Firehouse Subs enters Australia via Retail Food Group, targeting 165 stores in a decade. (SmartCompany)

• HMC Capital eyes private equity rescue for Healthscope; Ramsay and St John of God may join. (Capital Brief)

• Walmart shares sink as its FY26 forecast disappointed investors, with looming tariffs threatening its ability to keep prices down. (Capital Brief)

• Donald Trump dangles the possibility of a new China trade deal, but with fresh tariffs and past failures looming, markets remain wary. (Bloomberg)

• Telstra to invest $800m in network, buy back $750m in shares after profit rise. (AFR)

• NAB leads 2% banking selloff after weak Q1 results. (Capital Brief)

• Despite January’s $1t DeepSeek-triggered tech selloff, major firms continue heavy AI investments. (Capital Brief)

• Akaysha Energy, backed by BlackRock, has locked in a first-of-its-kind battery deal with global trading giant Gunvor, signalling a major shift in Australia’s energy market. (The Australian)

• BlackRock CEO Larry Fink says a 30-year fixed-rate mortgage market, backed by Australia’s super funds, could drive economic growth and stability. (AFR)

VC

• Airtasker joins F1 sponsorship with Visa Cash App Racing Bulls (VCARB), highlighting behind-the-scenes team members. (Startup Daily)

People moves

• Magellan names Sophia Rahmani as CEO, Dean McGuire as CFO. (Capital Brief)

• The ASX Corporate Governance Council dropped proposed governance changes after failing to gain stakeholder support. (Capital Brief)

• Rob Stanton exits Barrenjoey for Built; Peter Sidebottom heads to Goldman Sachs. (The Australian)

• Mike Cannon-Brookes is seeking a court injunction against Kevin Chiu, a company secretary at his private firms, to prevent the disclosure of confidential business information, amid his high-stake divorce. (AFR)(The Australian)

• Australia’s unemployment rate rose to 4.1% in January despite stronger-than-expected job growth. (Capital Brief)

• Trump ally Kash Patel takes charge of the FBI after a razor-thin Senate vote, stepping into a storm of controversy over DOJ purges and accusations of political bias. (Bloomberg)

• Morgan Stanley Wealth Management is cutting jobs and merging teams as part of a strategic shift, eliminating the division between investment solutions and research. (AFR)

• James Packer and Alex von Fürstenberg back a high-profile documentary to sell Australia’s $2.8 trillion superannuation model to the US, targeting Wall Street and the Trump administration. (AFR)

The watercooler