Matterport (NASDAQ: MTTR) stock soared over 175% in the intraday trading Monday following news of its acquisition by CoStar Group (NASDAQ: CSGP), an online real estate marketplace provider.
Matterport (MTTR) has entered into a definitive agreement with CoStar Group (CSGP) for an acquisition that will see CoStar Group acquire all outstanding shares of Matterport in a cash and stock transaction valued at $5.50 per share. This deal represents an equity value of approximately $2.1 billion and an enterprise value of about $1.6 billion.
Under the terms of the agreement, Matterport shareholders will receive $2.75 in cash and $2.75 in shares of CoStar Group common stock for each share of Matterport common stock.
RJ Pittman, the CEO of Matterport, expressed his excitement about the acquisition, highlighting CoStar Group as a longstanding customer and partner. He noted that both companies share a common vision of revolutionizing the global real estate sector through technology and digitization.
He added,
“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 will be completed within the current year. This agreement has received the unanimous approval of Matterport’s board, yet it hinges on the consent of Matterport shareholders.
Matterport, a Digital Twin Platform operator, transforms buildings into data to enhance the value and accessibility of every space.
Matterport (NASDAQ: MTTR) Stock Reaction
At the time of this report, MTTR stock trades at $4.80, marking a 175.86% increase from the previous trading session. This week, it has seen a surge in value of 159.46%. Trading activity has seen 71,976,578 (71.97 million) shares change hands, surpassing the average daily volume of 2.63 million.
