CoStar Reportedly Bids $6.7 Billion for CoreLogic

February 3, 2021
Share this Post: 

CoStar has bid $6.7 billion for California based property data and business intelligence firm CoreLogic according to Bloomberg. Understandably for such an expensive deal between two publically traded companies, details are scant and the unnamed source quoted in Bloomberg did not go into great detail, but did reveal that a rival all-cash bid from a group led by private equity firm Warburg Pincus was made for less than the amount offered by the all-share CoStar bid.

CoStar has had its eyes on CoreLogic for some time and the interest ramped up recently after high-level upheaval at the California based data company saw activist investors Cannae Holdings Inc and Senator Investment Group win three seats on CoreLogic's board. CoreLogic's share price on Monday closed at $76.18 meaning that CoStar's bid valued the company, which operates in North America, Western Europe and APAC, at around $86 per share.

Last week CoStar CEO Andy Florance used an interview with inman.com to set out his company's stall when it comes to residential real estate, a sector which the Washington based company has plans to build a consumer-facing portal for. Florance also revealed in the interview that his company would seek to acquire companies along the way to augment organic growth and even teased listeners by saying that he had been up late working on an acquisition with the implication being that an offer for CoreLogic was in the pipeline.

A deal for CoreLogic is far from in the bag, the unnamed Bloomberg source is reported to have said that the company's board will be evaluating whether to go ahead with a sale in the coming weeks and if the board does approve the CoStar bid over a rival bid, the deal will still likely have to navigate through review by the Federal Trades Commission which torpedoed CoStar's acquisition of RentPath in December.

 

February 3, 2021
Edmund got to know the world of portals and marketplaces working at Mitula Group (which became Lifull Connect after the buyout in 2018). He worked directly with hundreds of portals across the world in his role in the content department for three and a half years before transferring to the SEO department to understand the inner workings of listings sites. He joined Online Marketplaces as Head of Content in March 2020.

Subscribe to our mailing list to get the famous, free Friday newsletter!

News and analysis to help build better online marketplace businesses, in your inbox, every Friday

Related News

Pisos Rental Report
Pisos.com Increased Profits by 35% in 2022

Spain-based portal Pisos.com increased profits from €1.02M in 2021 to €1.38M in 2022. Spanish newspaper El País reported that the...

Read More
Shutterstock 569669149
MLS Backed U.S. Portal Nestfully Adds Key Florida Partnerships

The U.S. real estate portal Nestfully has added listings from two of Florida's largest MLSs, BeachesMLS and Miami Realtors SEFMLS....

Read More
Shutterstock 83040667
Mexican Portal Propiedades.com Releases Products to Help Agents Digitize More Inventory

The Mexican real estate portal Propiedades.com has released a suite of products to encourage more agents and sellers to list...

Read More
Productroundup18092023
Product Roundup: OneDome, Realestate.co.nz, OnTheMarket, Otodom, Xinyi, SeLoger

It has been quite some time since we shared a set of product launches from around the industry. From improved...

Read More

Editor's Pick