CoStar Acquires Matterport in $1.6B Cash and Stock Deal

Apr 22, 2024, 03:11 PM

CoStar Group has agreed to acquire Matterport, a leader in immersive 3D technology, in a transaction valued at approximately $1.6 billion. The deal, advised by Latham & Watkins LLP, involves a combination of cash and stock, with Matterport shares priced at $5.50 each, split between $2.75 in cash and $2.75 in CoStar shares. This acquisition is part of CoStar's strategic expansion in the real estate data analytics sector. Matterport, known for creating digital twins of buildings and spaces, has seen its shares surge by up to 182% following the announcement. The acquisition will integrate Matterport's technology into CoStar's extensive real estate data platform, enhancing their offerings in the digital real estate market.