CoStar Group Completes Acquisition of San Francisco-Based LoopNet

Bethesda, Md. -- A year after first announcing plans to acquire San Francisco-based rival LoopNet, Maryland-based CoStar Group, a provider of commercial real estate data and analytic services, said it has finally completed the $860 million deal. Under the agreement, LoopNet shareholders received $16.50 in cash and 0.037 shares of CoStar stock for each share of LoopNet stock. CoStar plans to continue operating LoopNet as a separate brand. LoopNet.com has 5.8 million registered members and currently has approximately 3.6 million unique monthly visitors. "The LoopNet brand is important," said Andrew Florance, the founder and CEO of CoStar. "Our strategy is to invest in strengthening LoopNet's products and services." LoopNet's stock has suspended trading on the Nasdaq.
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