LoopNet Inc's stockholders have approved the merger agreement with CoStar Group announced in April, with 99.6 percent of the votes cast in favour of the move.
The US$860 million deal will see CoStar double the size of its paid subscriber base to at least 160,000. The deal is currently being investigated by the US Federal Trade Commission, which made a second request for information on the deal due to “anti-trust issues.”
"All of our customers, large and small firms alike, are expected to benefit from more comprehensive market coverage and greater exposure for their listings when these two great companies are combined," said Andrew C. Florance, founder and CEO of CoStar.
"We are combining two industry leading platforms to better serve the vast commercial real estate market. We anticipate the combination also will provide cross-selling opportunities as well as cost savings which we believe will increase stockholder value."
The two companies state that they have combined annual revenue of approximately $321 million, based on results reported for the first quarter of 2011. The merger is expected to close by the end of the year.