CoStar Group Buys Spatial Property Data Company for $1.6 Billion

CoStar Group is acquiring Matterport a spatial property data company, for about $1.6 billion. CoStar, which provides online real estate information and marketplaces, will pay $5.50 a share—$2.75 in cash and $2.75 in stock—for Matterport which “pioneered the development of the first 3-D capture solution to deliver dimensionally accurate, photorealistic virtual tours or ‘digital twins’ for any type of property,” CoStar said in a statement about the deal. In Monday trading, Matterport shares soared 180% to $4.84 and CoStar stock gained 2.1% to $86.05.