Growing CoStar to close its latest buy, this one for nearly $400M

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Andrew C. Florance, president of CoStar Group, is about to close on his latest buy. Photo credit: Joanne S. Lawton

CoStar Group Inc. is expected next week to close on its nearly $400 million acquisition of ForRent after receiving antitrust clearance from the Federal Trade Commission.

The deal between CoStar (NASDAQ: CSGP) and Dominion Enterprises, announced in September, is for $350 million in cash and $35 million in stock. Norfolk, Virginia-based ForRent’s online sites include ForRent.com, After55.com, CorporateHousing.com and ForRentUniversity.com.

Once the deal closes, the ForRent network will join the Apartments.com network, which D.C.-based CoStar bought in 2014 for $585 million.

CoStar Group’s various website saw an average of about 37 million unique monthly visitors in the third quarter of 2017. It claims to produce and maintain the “largest and most comprehensive database of commercial real estate information.”

It has been on a buying spree in recent years, acquiring Apartments.com, LoopNet Inc. and LandWatch.com for upward of a billion dollars.