CoStar Group to buy LoopNet for $860 million
CoStar Group, a Washington D.C.-based commercial real estate research firm, is set to acquire LoopNet, a San Francisco-based commercial real estate marketing firm for $860 million. CoStar operates the largest commercial real estate marketing database, with this merger potentially boosting CoStar's subscribers to 160,000 and putting its active listings at 2 million. LoopNet.com is the largest and most heavily trafficked commercial marketplace, with 4.8 million registered members. The deal is expected to close by the end of 2011. First quarter earnings put the combined revenue projections at approximately $321 million annually.