Moody’s To Acquire Reis
Moody’s plans to incorporate Reis’ data archive of some 18 million properties nationwide into its analytics offering.
NEW YORK CITY–Moody’s Corp. is acquiring Reis in an all-cash transaction valued at approximately $278 million that has been approved by the Boards of Directors of both companies.
Moody’s plans to incorporate Reis’ data archive of some 18 million properties into its analytics offering.
“Their data on CRE supply and Moody’s Analytics’ insights on the demand for commercial properties will provide market participants with a powerful 360-degree view of the economics of CRE lending and investment,” said Mark Almeida, President of Moody’s Analytics, in a prepared statement.
Reis CEO Lloyd Lynford said that its Board of Directors carefully considered its alternatives and believes the Moody’s proposal provides stockholders with compelling value.
Under the terms of the merger agreement, Moody’s will commence a tender offer to acquire all issued and outstanding shares of Reis common stock for $23.00 per share in cash. The transaction is subject to customary closing conditions and regulatory approvals.
The transaction is expected to close in the fourth quarter of 2018.
Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal counsel to Moody’s. Fried Frank Harris Shriver & Jacobson LLP is acting as legal counsel to Reis and Canaccord Genuity is serving as financial advisor to Reis.