CoStar announced Thursday that the Federal Trade Commission (FTC) has cleared its $250 million acquisition of the real estate search portal. The proposed merger – which was submitted for FTC review last month – means that CoStar will be able to bolster its product offering for brokers, according to CoStar Group founder and CEO Andy Florance.
“Adding Homesnap to CoStar Group’s network provides significant complementary value to our existing arsenal of broker and agent-centric tools, directly benefiting the entire industry,” Florance said. “We share a common goal of strengthening connections that drive the real estate industry forward and are excited that regulatory review was completed so rapidly, allowing us to close this transaction quickly.”
“We are proud to join CoStar Group and leverage their more than 30 years of knowledge and experience in property data, software and marketing to take advantage of this significant growth opportunity,” said John Mazur, CEO of Homesnap. “We remain committed to our industry-friendly practices and continuing to deliver the most advanced products while increasing our growth potential and accelerating our success.”
The deal is expected to close in the coming days per the parties’ agreement.