Washington, D.C.-based CoStar Group Inc. has announced the completion of its acquisition of LoopNet Inc.
CoStar plans to continue to operate LoopNet as a separate brand. LoopNet.com is an online commercial real estate marketplace with 5.8 million registered members and approximately 3.6 million unique monthly visitors.
‘We are very pleased that we can begin integrating these two successful companies that have been at the forefront of innovation in the commercial real estate industry,’ says Andrew C. Florance, founder and CEO of CoStar. ‘We believe our products and services, diversified client base, comprehensive geographic footprint and economies of scale will drive significant synergies, which we believe can lead to increased stockholder value and a stronger, integrated platform for our customers.’
The combined company will retain the name CoStar Group Inc. and will continue to trade on the NASDAQ Global Select Market under the ticker symbol ‘CSGP.’ LoopNet has requested that NASDAQ suspend trading of its common stock.
