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 news updates!

Enter your email address and get updates from Online Marketplaces.

Related News

Propertyguru Board Room
PropertyGuru Appoints REA Group CEO Owen Wilson to Board of Directors as a Non-Independent Director

Southeast Asian property portal operator PropertyGuru has announced the appointment to its board of REA Group CEO Owen Wilson. Wilson...

Read More
La Haus Queretaro
La Haus Growing Fast and Looking to Add Financing Products

Colombian PropTech startup La Haus has expanded to another Mexican city and is looking to increase the financial solutions it...

Read More
Rae Group Mortgages
REA Group to Consolidate Mortgage Brokerage Offering Under One Brand

Australian portal operator REA Group has announced that its mortgage brokerage business will operate under one brand. In 2017 REA...

Read More
Zillow No Sale
Zillow Pauses Homebuying Citing "Operational Capacity" Issues

Zillow has paused its home buying activities as its iBuying division works through a backlog of homes already on the...

Read More

Popular News