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CoStar Buying Ten-X for $190M
CoStar Group said Wednesday that it plans to acquire digital transaction platform Ten-X for $190 million in cash. The acquisition is expected to close in the third quarter.
“Together, Ten-X and CoStar plan to create a new end-to-end commercial real estate platform, combining LoopNet and CoStar’s unmatched online audience of buyers with Ten-X’s clear leadership in online auctions for both performing and distressed assets,” said CoStar Group CEO Andrew Florance.
Florance added that combining the two companies’ complementary capabilities is expected to create “significant benefits for brokers and the institutions they represent by exposing their properties for sale to the biggest pool of potential bidders on the most trusted digital transaction platform and delivering fast and reliable trade execution.
“In the aftermath of the economic disruption which is being caused by the global pandemic, we believe that the volume of distressed properties coming to market will surge and that this combined platform will support the market’s recovery,” he continued.
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