CoStar Group Buys Spatial Property Data Company for $1.6 Billion -- Barrons.com

Dow Jones04-22

By Emily Dattilo

CoStar Group is acquiring Matterport, a spatial property data company, for about $1.6 billion.

CoStar, which provides online real estate information and marketplaces, will pay $5.50 a share -- $2.75 in cash and $2.75 in stock -- for Matterport, which "pioneered the development of the first 3-D capture solution to deliver dimensionally accurate, photorealistic virtual tours or 'digital twins' for any type of property," CoStar said in a statement about the deal.

In Monday trading, Matterport shares soared 180% to $4.84 and CoStar stock gained 2.1% to $86.05.

"The world has changed and today a Matterport is the new open house or property tour," CoStar's CEO Andy Florance said in the statement. "People now select their next home, apartment, office, store, hotel, or warehouse on their mobile device often without ever visiting the property."

The transaction, approved unanimously by Matterport's board, is expected to be completed this year.

CoStar will report first-quarter earnings Tuesday after the stock market closes.

Write to Emily Dattilo at emily.dattilo@dowjones.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

April 22, 2024 10:37 ET (14:37 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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