Latham & Watkins Advises CoStar Group on Acquisition of Matterport

CoStar Group, Inc. (NASDAQ: CSGP), a leading provider of online real estate marketplaces, information, and analytics in the property markets has announced that it has reached a definitive agreement to acquire all outstanding shares of Matterport, the global leader in immersive 3D digital twins and artificial intelligence for the real estate industry that makes properties intuitive and interactive online in a cash and stock transaction valued at US$5.50 per share reflecting an estimated US$2.1 billion of equity value and US$1.6 billion of enterprise value. Under the terms and subject to the conditions of the agreement, Matterport stockholders will receive US$2.75 in cash and US$2.75 in shares of CoStar Group common stock for each share of Matterport common stock.

Latham is advising CoStar in the acquisition with a corporate deal team led by Orange County partners Daniel Rees and Charles Ruck, with associates Shannon Cheng, Abby Timmons, Allison (AJ) Blair, and Amy Lutfi. Advice was also provided on benefits and compensation matters by Washington, D.C. partners David Della Rocca and Nikhil Kumar, with associates Dane Rebkowec and Juliet Rognlie; on intellectual property matters by Washington, D.C. partner Morgan Brubaker, and Bay Area partners Gregory Sobolski and Richard Frenkel, with associates Pelin Serpin and Kellye Quirk; on tax matters by Washington, D.C. partner Andrea Ramezan-Jackson, with associates Christina McLeod, and Emmanuel Kassim; on US antitrust matters by Washington, D.C. partners Amanda Reeves and Farrell Malone, with associate Matthew Piehl; on non-US antitrust matters by Brussels partner Wesley Lepla, with associate Jamie Mansour; on data privacy matters by Bay Area partner Robert Blamires, with associates Calum Docherty, Kiara Vaughn, and Victoria Wan; on labor and employment matters by New York counsel Sandra Benjamin; on litigation matters by Washington, D.C. partner Nick Boyle and Orange County partner Andrew Gray, with associate Kehaulani Jai; and on trade control matters by Washington, D.C. counsel Ruchi Gill, with associate Sara Castiglia.