CoStar Group, advised by Latham & Watkins LLP, announced a monumental step forward in the real estate sector by agreeing to purchase Matterport, a leader in 3D spatial-capture technology. The deal, valued at an impressive $1.6 billion, promises to integrate Matterport’s advanced virtual tour capabilities into CoStar’s comprehensive suite of real estate information and analytics tools.
CoStar To Buy Matterport In $1.6B Deal : Details of the Deal
Under the terms of the agreement, Matterport stockholders will receive $5.50 per share, split evenly between cash and CoStar Group common stock. This arrangement was orchestrated with the guidance of Foley & Lardner LLP, representing Matterport in the transaction. The immediate reaction in the market was palpable, with Matterport’s stock price surging approximately 170% to $4.70 following the announcement.
The Power of Digital Twins
Located in Washington, D.C., CoStar is renowned for its extensive online real estate marketplaces and analytics services. Matterport, based in Sunnyvale, California, is celebrated for creating dimensionally accurate virtual tours, or “digital twins,” of properties. This technology allows users to explore and evaluate properties remotely, a method that has become increasingly crucial in today’s digital-first world.
