CoStar Group, Inc. (NASDAQ:CSGP), today announced it has completed its acquisition of London-based Property Intelligence plc. The transaction makes CoStar the leading provider of information services to the U.S. and U.K. commercial real estate industries.
Property Intelligence, whose operations principally consist of Focus Information, is a leading provider of commercial real estate information services in the United Kingdom. Founded in 1984, the company has approximately 700 customers, including the top 20 U.K. real estate services firms. Focus Information's main products provide information on buildings, available space, requirements, tenants, lease deals, comparable sales, planning information and photos across the United Kingdom.
"We're eager to get started," said CoStar president & CEO Andrew C. Florance. "The addition of this strong U.K. operation positions CoStar to deliver integrated service to its multinational customers, and we believe the acquisition will ultimately lead to the expansion of the overall market for commercial real estate information services."
On November 25, 2002, CoStar Group announced the recommended cash offer to acquire the existing issued shares of Property Intelligence for approximately $16.4 million, conditional upon valid acceptances being received by at least 90% of the outstanding shares of Property Intelligence, the passing of resolutions by the shareholders of Property Intelligence, and the disposal of Intelligent Addressing, a separate division of Property Intelligence.
All of these conditions have been satisfied allowing the board of directors of CoStar Limited, a wholly owned subsidiary of CoStar Group Inc., to announce today that the Offer has been declared unconditional in all respects.
In addition, CoStar Limited today announced that it intends to acquire compulsorily all of the Property Intelligence shares in which it has not received a valid acceptance.