Magazine article Mortgage Banking

CoStar Group Acquires LoopNet

Magazine article Mortgage Banking

CoStar Group Acquires LoopNet

Article excerpt

Two survivors of the dot-com bust--CoStar Group Inc., Washington, D.C., and LoopNet Inc., San Francisco--are now under the CoStar umbrella. The boards of directors for both companies unanimously approved CoStar's acquisition, expected to close by the end of this year.

Google Analytics, Mountain View, California, said LoopNet.com carries 4.8 million registered members and more than 6 million unique visitors quarterly. CoStar's database consists of 77 billion square feet of office, retail and industrial inventory, 1.5 million listings and 10.6 million images.

First-quarter annual revenue for the two companies was at nearly $321 million, but the acquisition will double CoStar's paid subscriber base to at least 160,000 or nearly 15 percent of the estimated 1 million participants in the CRE market.

CoStar integrated more than one dozen acquisitions. This transaction is not subject to a financing condition, but CoStar received a commitment letter from JPMorgan, New York, for a fully committed term loan of $415 million and a $50 million revolving credit facility, with $37. …

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