CoStar to Buy LoopNet
Industry’s Leading Information Service To Combine With Leading Online CRE Marketplace To Serve $11 Trillion Commercial Real Estate Industry
CoStar Group, Inc. NASDAQ:CSGP announced Wednesday that it has entered into an agreement to acquire LoopNet, Inc. NASDAQ: LOOP, the leading online commercial real estate marketplace, in a transaction valued at approximately $860 million. CoStar said it believes the combined company will be the premier online resource for researching, analyzing, and marketing commercial real estate properties, and the combination of the two companies’ complementary services will position the combined firm to provide even more comprehensive market coverage, deliver enhanced research, analysis and marketing options, and offer greater efficiencies for customers throughout the $11 trillion commercial real estate industry, ranging from large, national brokerage and institutional market players to small, local brokers and owners. The boards of directors of both companies have unanimously approved the transaction, which is expected to close by the end of 2011.