CoStar Group completes LoopNet deal – Washington Business Journal
by Daniel J. Sernovitz
District-based CoStar Group Inc.
has completed its $860 million acquisition of rival commercial real estate data firm LoopNet Inc.
after clearing a key regulatory obstacle late last week.
The acquisition’s completion, which CoStar announced Monday, comes more than a year after CoStar said it planned to buy San Francisco-based LoopNet
in a merger of the nation’s two largest, publicly traded real estate information firms.
“We are very pleased that we can begin integrating these two successful companies that have been at the forefront of innovation in the commercial real estate industry,” CoStar CEO Andrew Florance
said in a statement. “We believe our products and services, diversified client base, comprehensive geographic footprint and economies of scale will drive significant synergies, which we believe can lead to increased stockholder value and a stronger, integrated platform for our customers.”
The companies will continue to operate as separate brands operating under CoStar ticker symbol CSGP. But LoopNet has asked that its own ticker symbol be suspended from trading before trading opens May 1.
CoStar is an online real estate database that provides building-specific information such as occupancy, rental rates and tenant data. LoopNet also provides much of that information but also a marketing component used by building owners trying to sell or lease their buildings.
That was a key component regulators at the Federal Trade Commission have been probing for much of the past year to determine if the combination would violate antitrust laws. On April 26, the FTC announced it has given preliminary approval to the acquisition
but with several conditions it hopes will create more competition in the real estate information marketplace…
via CoStar Group completes LoopNet deal – Washington Business Journal