Matterport Shares Soar on Takeover by CoStar Group

Dow Jones04-22

By Colin Kellaher

Shares of Matterport took flight in early trading Monday after the spatial-data company agreed to be acquired by CoStar Group in a cash-and-stock deal with an enterprise value of around $1.6 billion.

CoStar said it plans to pay $2.75 in cash and $2.75 in stock, for a total of $5.50, for each share of Matterport, more than triple Friday's closing price of $1.74 for the Sunnyvale, Calif., company.

Matterport shares were recently changing hands at $4.91, up more than 182%.

The stock, which once traded as high as $37.60 in late 2021, had touched an all-time low of $1.73 during Friday's session.

Meanwhile, shares of CoStar were up 1.64% at $85.64.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

April 22, 2024 09:53 ET (13:53 GMT)

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