Industry NewsNews Brief

Government says not so fast on CoStar’s acquisition

The ruling calls for additional information before the $350 million deal can close

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Too much information? More like not enough. The U.S. Federal Trade Commission has temporarily halted the CoStar Group's plans to purchase the apartment rental site, until both companies provide more information about the deal. The move brings to a screeching halt the rapid clip at which CoStar, a real estate information and services company, has been acquiring competing online property sites. The Nov. 24 Federal Trade Commission ruling in a Delaware U.S. District Court called for a delay of at least 60 days in order for the CoStar Group and parent company Dominion Enterprises to submit additional details regarding the $350 million acquisition. “CoStar remains enthusiastic about its plan to acquire ForRent,” CoStar CEO Andrew Florance said in a statement issued on Monday. “Combining ForRent with the network will benefit renters looking to efficiently find their next home, and property managers and owners who want to access a broad and di...