CoStar Group Inc - CSGP STOCK NEWS

CoStar Group (NASDAQ: CSGP) has officially proposed to acquire CoreLogic (NYSE: CLGX) for $95.76 per share, offering CoreLogic shareholders 0.1019 shares of CoStar stock per CoreLogic share. This proposal, delivering a $15.76 per share premium over CoreLogic’s existing deal, reflects CoStar's belief that their offer maximizes shareholder value through significant synergies estimated at $150-$250 million annually. CoStar emphasizes its strong financial track record and the strategic benefits of merging commercial and residential real estate solutions, which could substantially grow the combined entity's addressable market.

CoStar Group (NASDAQ: CSGP) will report its fourth quarter and year-end financial results on February 23, 2021, post-market. A conference call is scheduled for 5:00 PM ET to discuss these results and the company's future outlook. Investors can access a live audio webcast on CoStar's website.

CoStar Group is a leader in commercial real estate data and analytics, maintaining an extensive database and providing various online services that attract around 69 million unique visitors monthly.

CoStar Group, the leader in commercial real estate information, announced a significant milestone for its Apartments.com Network, which achieved one billion website visits in 2020. This growth marks an increase of over 160 million visits compared to last year, positioning it ahead of competitors. The network facilitated a record-breaking 170 million virtual tours and 10 billion property page views. CoStar invested approximately $250 million in marketing, resulting in over 10 billion media impressions, and plans to continue its advertising efforts in 2021.

CoStar Group has announced its acquisition of Houses.com, marking its entry into the residential real estate marketplace. The transaction follows the Federal Trade Commission's approval of its acquisition of Homesnap, Inc. on December 16, 2020. This move aims to create a national platform for agents and homeowners to sell properties while maintaining the role of real estate agents. CoStar Group, known for its extensive marketplace in commercial real estate, seeks to leverage its strengths to benefit the residential sector.

CoStar Group has received Federal Trade Commission approval for its acquisition of Homesnap, enhancing its offerings for real estate agents. The merger, submitted for review in November 2020, is expected to close shortly. Homesnap, serving over 1.1 million agents, reported projected revenue of $40 million for 2020, a 45% increase from 2019. This acquisition aims to leverage CoStar's extensive experience in property data to improve Homesnap's technology and features, strengthening industry connections and boosting productivity.

CoStar Group (NASDAQ: CSGP) has appointed Carl Gomez as Chief Economist and Head of Market Analytics for Canada. With over 20 years of experience, including roles at QuadReal Property Group and Bentall Kennedy, Gomez will enhance CoStar's market analysis capabilities. This strategic hire aims to accelerate growth and improve services for clients in Canada, reinforcing CoStar's commitment to delivering reliable commercial real estate data and analytics since its entry into the Canadian market in 2014.

CoStar Group (NASDAQ: CSGP) announced its agreement to acquire Homesnap, Inc. for $250 million in cash. Homesnap is a leading platform for residential real estate, used by over 300,000 agents. This acquisition is expected to significantly expand CoStar's market presence, increasing their addressable market from $16 trillion to nearly $43 trillion by integrating residential real estate data. With expected revenue growth of 45% from Homesnap, this move adds a vital complementary service to CoStar's offerings. The transaction is set to close in 2020, pending regulatory review.

CoStar Group (NASDAQ: CSGP) announced Q3 2020 revenue of $426 million, up 21% from $353 million in Q3 2019. Net income decreased to $58 million or $1.48 per diluted share. Adjusted EBITDA rose 3% to $134 million. The company recorded $53 million in new sales bookings, with LoopNet achieving a 130% sales increase. Monthly unique visitors reached 69 million, a 33% year-over-year increase. Additionally, CoStar acquired Emporis, enhancing its international data offerings. The full-year revenue outlook is between $1.644 billion and $1.650 billion.