CoStar Group acquired Apartments.com (Classified Ventures, LLC) for $585 million in cash ($587 million paid at closing after a net working capital adjustment), a transaction completed in April 2014, structured as all cash. The deal was a Asset purchase.
Apartments.com (Classified Ventures, LLC) operates in Multifamily / residential rental marketplaces. CoStar purchased the Apartments.com business, including certain assets and assumed liabilities, from Classified Ventures, LLC under an Asset Purchase Agreement. The deal gave CoStar a leading multifamily rental listings marketplace, funded in part through a new $400 million term loan and $225 million revolving credit facility.
Enter the multifamily rental advertising market by acquiring a leading apartment listings marketplace to complement CoStar's commercial real estate franchise.
Advisory firms were not disclosed for this transaction.