Locally based LoopNet says the purchase price could increase by $3 million if certain performance targets are met. LoopNet expects Nw York City-based Cityfeet to add approximately $1 million in revenues to LoopNet for the remainder of 2007 and expects it to be dilutive to 2007 EPS in the range of approximately $0.02 per diluted share due to various acquisition related expenses.

LoopNet CEO/President Richard Boyle says the combination will increase exposure opportunities for both company's property listings. Cityfeet CEO Fred Saint the merger validates Cityfeet's strategy to build the largest distribution network in the commercial real estate sector.

Cityfeet has 100,000 active property listings and distributes the listings to over 100 partners. It powers the commercial real estate areas of the New York Times, the Boston Globe the Los Angeles Times, the Chicago Tribune, the Dallas Morning News and the Atlanta Journal-Constitution, among others. LoopNet says it is the most heavily trafficked commercial real estate listings website, with 950,000 average monthly unique visitors during the second quarter of 2007, according to comScore. LoopNet also owns and operates BizBuySell.com, an online exchange for businesses for sale in North America.