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CoStar Buys Matterport for $5.50/Share in $1.6B Deal; Shares Surge

Apr 22, 2024, 03:11 PM

CoStar Group has agreed to acquire Matterport, a leader in immersive 3D technology, in a deal valued at $1.6 billion. The transaction includes both cash and stock, priced at $5.50 per share, specifically $2.75 in cash and $2.75 in CoStar shares. This acquisition, which follows Matterport's public debut via SPAC, is part of CoStar's strategy to enhance its real estate data offerings by integrating Matterport's advanced spatial data technology. Following the announcement, Matterport's shares surged by over 170%, reflecting investor optimism about the potential synergies between the two companies.