Matterport Inc MTTR shares are trading higher Monday after the company announced a deal to be acquired by online real estate marketplace provider CoStar Group.
What Happened: Matterport has entered into a definitive agreement in which CoStar Group will acquire all outstanding shares of Matterport in a cash and stock transaction valued at $5.50 per share, representing an equity value of approximately $2.1 billion and an enterprise value of approximately $1.6 billion.
Matterport shareholders are set to receive $2.75 in cash and $2.75 in shares of CoStar Group common stock for each share of Matterport common stock.
“We are thrilled to join forces with CoStar Group, a long-standing customer and partner with a shared vision for transforming global real estate through technology and digitization,” said RJ Pittman, chair and CEO of Matterport.
“This transaction is another significant milestone that acknowledges the groundbreaking work Matterport has accomplished in 3D digital twin technology and AI-driven property intelligence.”
The transaction is expected to be completed sometime during this year. The deal has been unanimously approved by Matterport’s board, but is subject to the approval of Matterport stockholders.
Matterport operates a Digital Twin Platform, turning buildings into data in an effort to make every space more valuable and accessible.
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MTTR Price Action: Matterport shares were up 169.5% at $4.69 at the time of writing, according to Benzinga Pro.
Photo: courtesy of Matterport.
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