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Latham & Watkins Advises CoStar on Cash Offer for OnTheMarket

October 19, 2023

Latham & Watkins has advised CoStar Group, Inc. (CoStar) and CoStar UK Limited, its wholly-owned indirect subsidiary, on its recommended cash offer for London listed OnTheMarket plc (OnTheMarket). The transaction is governed by the UK Takeover code.

CoStar is an S&P 500 and NASDAQ 100 company and is a leading global provider of online real estate marketplaces, information, and analytics. OnTheMarket is a leading UK residential property portal provider.

The acquisition values the entire issued and to be issued ordinary share capital of OnTheMarket at approximately £99 million.

The multidisciplinary Latham team was led by London corporate partners Richard Butterwick and Sam Newhouse, with associates Harriet Stephenson, Alex Watt, Hugo Cliff, Felix Gasten, and Aslihan Alparslan. Advice was provided on antitrust and regulatory matters by London partners Jonathan Parker and David Little, with associate Edd Rarity; on employment and incentive matters by London partner Sarah Gadd, with associate Anna Cloke; on tax matters by London partner Karl Mah, with associates Aoife McCabe and Nicole Lim; on legal compliance matters by London partner Stuart Alford QC, with associate Thomas Lane; on data and technology transactions matters by London partner Gail Crawford, with associates Victoria Wan and Timothy Neo; on real estate matters by London partner Quentin Gwyer, with associate Danni Davies; and on environmental matters by London partner Paul Davies, with counsel Michael Green.