CoStar Group acquired ForRent (division of Dominion Enterprises) for $350 million in cash and $35 million in CoStar Group stock, a transaction announced in September 2017, structured as combination of cash and stock. The deal was a Asset purchase.
ForRent (division of Dominion Enterprises) operates in Multifamily / residential rental marketplaces. ForRent, a division of Dominion Enterprises, provided digital advertising through a network of four multifamily websites including ForRent.com, AFTER55.com, CorporateHousing.com and ForRentUniversity.com. ForRent had approximately 17,000 properties advertised, generated over 47 million visits in the first half of 2017, and was headquartered in Norfolk, Virginia with about 475 employees. CoStar added ForRent to the Apartments.com network.
Add millions of renters and more advertised properties to the Apartments.com network, giving renters more complete apartment availability inventory and advertisers broader reach.
We are delighted to welcome the ForRent team and their family of sites to the Apartments.com network. We believe this is a beneficial combination for all of our constituents.Andrew C. Florance, Founder and Chief Executive Officer, CoStar Group
Advisory firms were not disclosed for this transaction.