CoStar Group To Acquire Matterport In A Cash And Stock Transaction Valued At $5.50 Per Share Reflecting An Estimated $1.6B Value; Matterport Stockholders Will Receive $2.75 In Cash And $2.75 In Shares Of CoStar Group Stock For Each Share Of Matterport Stock
Portfolio Pulse from Benzinga Newsdesk
CoStar Group, Inc. (CSGP) has announced a definitive agreement to acquire Matterport in a cash and stock transaction valued at $5.50 per share, totaling an estimated $1.6 billion. Matterport stockholders will receive $2.75 in cash and $2.75 in CoStar Group stock per share. This acquisition aims to enhance the development and deployment of AI and digital twin technology across CoStar's product lines, leveraging Matterport's pioneering 3D capture technology and vast spatial data library. The transaction, expected to close within the year, has received approval from Matterport's Board and key stockholders.
April 22, 2024 | 1:02 pm
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CoStar Group's acquisition of Matterport for $1.6 billion in a cash and stock deal aims to expand its AI and digital twin technology offerings in the real estate market.
The acquisition of Matterport by CoStar Group is a strategic move to enhance its product offerings and market position in the real estate information sector. By integrating Matterport's advanced 3D technology and vast spatial data library, CoStar is likely to see an increase in the value and utility of its online real estate marketplaces and analytics services. This could lead to increased user engagement and potentially higher revenue streams from its digital platforms.
CONFIDENCE 90
IMPORTANCE 95
RELEVANCE 100
POSITIVE IMPACT
Matterport is being acquired by CoStar Group in a deal valued at $5.50 per share, offering stockholders $2.75 in cash and $2.75 in CoStar stock, reflecting the company's significant achievements in 3D digital twin technology.
Matterport's acquisition by CoStar Group validates the company's pioneering work in 3D capture technology and AI-driven property intelligence. This transaction not only provides immediate value to Matterport stockholders through the cash and stock offer but also aligns Matterport with a larger platform to scale its technology and market reach. The deal is likely to be viewed positively by investors, given the strategic fit and the potential for accelerated growth and innovation within CoStar's ecosystem.
CONFIDENCE 90
IMPORTANCE 95
RELEVANCE 100