WASHINGTON, DC–The Federal Trade Commission has cleared CoStar Group's previously-announced acquisition of ForRent.com from Dominion Enterprises.
The transaction is expected to close sometime next week.
CoStar announced it was acquiring ForRent.com in October of 2017. At the time it said the purchase price would be $350 million in cash and $35 million in company stock.
The company expects to generate synergies from ForRent with its other online properties. Last year when announcing the deal CoStar CEO Andrew C. Florance said that ForRent advertisers' properties would be featured on Apartments.com after the transaction closes “increasing their exposure by approximately 500%.”
CoStar has been steadily picking up online properties to complement its listing service and enhance its digital presence. Last year it also acquired LandWatch.com, a listing site dedicated to land and rural properties that joined CoStar's existing Lands of America and Land And Farm. Around the same time, CoStar also integrated its database with LoopNet's. LoopNet had been under CoStar ownership since 2012, but the two companies had kept their databases separate up until that point.
And of course, in 2014 it made a big splash in the space with its $585 million cash deal for Apartments.com
Save
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
