BUZZ-Matterport soars on $1.6 bln CoStar deal

Reuters04-22

** Shares 3D virtual tour creator Matterport up 174.1% at $4.77 on Mon, highest since Aug 2022, on takeover by CoStar Group in deal valued at $1.6 bln

** Real estate information provider CSGP's bid of $5.50 ($2.75 in cash, $2.75 in stock) represents 216% premium to MTTR's prior close

** CSGP, slated to report Q1 results on Tues, said deal expected to close in 2024

** MTTR had market cap of ~$541 mln through Fri. Stock, which traded as high as $37.60 in Dec 2021, hit record low of $1.73 during Friday's session

** CSGP shares up 1.2% at $85.24 on Mon. Its stock now down ~3% YTD but has gained about 22% over the past 12 months

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@thomsonreuters.com lance.tupper@tr.com 1-646-279-6380))

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