CoStar Group, Inc./LoopNet, Inc.
On April 27, 2011, CoStar Group, Inc. (Nasdaq: CSGP) has entered into a definitive agreement to acquire LoopNet, Inc. (Nasdaq: LOOP) for $16.50 in cash and 0.03702 shares of CoStar Group common stock for each share of LoopNet common stock, representing a total equity value of approximately $860 million and an enterprise value of $762 million.
Closing is expected by the end of CY11.
Closing is expected by the end of CY11.
- CoStar sees the potential for significant revenue synergies through the cross-selling of each company's complementary services to the other's client bases
- CoStar expects annual cost synergies of approximately $20 million achieved over the first 24 months following the close of the transaction
- CoStar expects the transaction to be accretive to non-GAAP net income per diluted share (as defined below in "Non-GAAP Metrics") in 2012.
- Expected to increase the combined companies' long-term target margins
