Moody's Investors Service headquarters at 7 World Trade Center
NEW YORK CITY–The waiting period for Moody's previously-announced acquisition of Reis expired on Friday allowing Moody's to go forward with its tender offer to purchase Reis' shares for $23.00 per unit. The all-cash transaction is about $278 million.
The transaction has been approved by the Boards of Directors of both companies.
The bid remains subject to other customary closing conditions.
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 when the deal was first announced.
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.
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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.
