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LoopNet Buys Cityfeet for $15M

SAN FRANCISCO-Two of the largest online commercial real estate marketplaces join forces.

By Brian K. Miller | Updated on August 03, 2007

SAN FRANCISCO-Publicly held LoopNet Inc. has acquired its privately held rival Cityfeet.com for $15 million. LoopNet bills itself as the largest online commercial real estate marketplace and Cityfeet calls itself the largest online distribution network for commercial property listings and the second largest provider of online commercial property listings.

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.

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