CoStar Group Submits Proposal To Acquire UK Property Portal OnTheMarket For £100M
Portfolio Pulse from Shivani Kumaresan
CoStar Group Inc (NASDAQ:CSGP) has proposed to acquire UK-based property portal OnTheMarket for £100 million. OnTheMarket, the third most visited residential property portal in the UK, posted revenues of about £35 million for the year ending July 31, 2023. CoStar Group plans to invest £46.5 million into sales and marketing in the first year after the acquisition. The company's shares closed lower by 2.68% at $77.66 on Wednesday.
October 19, 2023 | 11:27 am
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CoStar Group's proposed acquisition of OnTheMarket could provide an efficient entry into the UK residential property market. However, the company's shares closed lower by 2.68% at $77.66 on Wednesday.
The proposed acquisition of OnTheMarket by CoStar Group could potentially expand the company's reach into the UK residential property market, which is valued at £8 trillion. However, the impact on the company's stock price is uncertain as it closed lower by 2.68% on Wednesday. The company's plan to invest £46.5 million into sales and marketing in the first year after the acquisition could also impact its financial performance.
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