Reuters: Mergers News: UPDATE 1-CoStar wins U.S. approval to buy LoopNet

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UPDATE 1-CoStar wins U.S. approval to buy LoopNet Apr 26th 2012, 18:47 Thu Apr 26, 2012 2:47pm EDT * CoStar, LoopNet commercial real estate data leaders * Xceligent interest being sold to DMG WASHINGTON, April 26 (Reuters) - Real estate information provider CoStar Group Inc won U.S. antitrust approval to buy rival LoopNet Inc with conditions, the Federal Trade Commission said on Thursday. CoStar had announced the $860 million deal a year ago. It would combine the only two commercial real estate listing databases which have nationwide reach, the FTC said. To win approval, CoStar agreed to sell LoopNet's interest in Xceligent, which provides data on U.S. commercial real estate, the FTC said. LoopNet operates the most popular commercial real estate listings database in the United States, the FTC said. CoStar tracks and aggregates real estate listings for its subscription only database. "By maintaining Xceligent as an independent competitor and ensuring Xceligent's ability to grow and expand, the FTC's settlement order will foster continued competition in these markets," said Richard Feinstein, director of the agency's Bureau of Competition. The FTC said that CoStar would sell LoopNet's portion of Xceligent to DMG Information Inc, a U.S.-based unit of British company Daily Mail and General Trust Plc. The Internet address "commercialsearch.com" will be sold to DMG Information. Link this Share this Digg this Email Reprints

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