Washington Business Journal by Daniel J. Sernovitz, Staff Reporter
Date: Monday, April 30, 2012, 2:19pm EDT
District-based CoStar Group Inc. has completed its $860 million acquisition of rival commercial real estate data firmLoopNet 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...
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