Washington Business Journal - by Sarah Krouse
Commercial real estate data company CoStar Group Inc. has acquired San Francisco-based competitor LoopNet Inc. for $860 million, doubling CoStar’s paid subscribers to 160,000.
The acquisition brings D.C.-based CoStar’s total active listings to 2 million.
CoStar will fund the deal with a $415 million loan and $50 million revolving credit facility from J.P. Morgan.
Under the deal, announced Wednesday and expected to close by the end of 2011, LoopNet shareholders will receive $16.50 per share and .037 shares of CoStar stock for each share of LoopNet stock they own.
The deal represents a 31 percent premium to LoopNet’s closing price Tuesday. LoopNet’s stock ended Wednesday at $14.37 per share.
CoStar's stock ended Wednesday at $61.38 per share, up 1.88 percent from its previous close.
LoopNet is a content partner of American City Business Journals, parent company of the Washington Business Journal.
CoStar, which was founded in ...
Read more: CoStar Group buys LoopNet for $860M | Washington Business Journal
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