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CoStar & Warburg Pincus vie for CoreLogic

CoStar Group CEO Andrew C. Florance (right) (Credit:VCU)

CoStar Group and a private equity group led by Warburg Pincus are the two final bidders competing for real estate data company CoreLogic, Bloomberg first reported.

  • What comes next: CoreLogic is said to be evaluating offers and will make a decision in the coming weeks. Ultimately, the data provider may opt to remain independent.
  • Valuation: CoreLogic’s stock closed at $77.30 per share on Friday, giving it a market cap of $6.01 billion. CoStar previously offered $77 to $83 per share, which would be their biggest takeover yet.
  • Regulatory problems will be a part of CoStar’s future: RentPath, the owner of rental listing sites Rent.com & ApartmentGuide.com, cancelled its $588 million deal to be acquired by CoStar Group late last year after the Federal Trade Commission (FTC) sued to block the sale.
  • Last deal fell apart: The complaint alleged that 70 percent of apartment complexes with 200 or more units and 40 percent of buildings with 100 to 199 units advertise on internet listing services operated by CoStar or RentPath. [Bloomberg]

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