CoStar Group acquired LoopNet, Inc. for $16.50 in cash plus 0.03702 shares of CoStar common stock per LoopNet share, a transaction completed in April 2012, structured as combination of cash and stock (merger).
LoopNet, Inc. operates in Commercial real estate marketplaces. LoopNet operated the leading online commercial real estate marketplace, with 5.8 million registered members and approximately 3.6 million unique monthly visitors at the time of closing. CoStar acquired LoopNet through a merger of Lonestar Acquisition Sub into LoopNet, and planned to continue operating LoopNet as a separate brand.
Combine CoStar's commercial real estate information and analytics with LoopNet's leading online marketplace to create the premier information, marketing and analytics company in commercial real estate.
We believe our products and services, diversified client base, comprehensive geographic footprint and economies of scale will drive significant synergies, which we believe can lead to increased stockholder value and a stronger, integrated platform for our customers.Andrew C. Florance, Founder and Chief Executive Officer, CoStar Group
Advisory firms were not disclosed for this transaction.