CoStar Group Completes Acquisition of London-Based Property Intelligence plc.Business Editors BETHESDA, Md.--(BUSINESS WIRE)--Jan. 6, 2003 Acquisition Brings Leading Commercial Real Estate Information Services See Information Systems. in U.S. and U.K. Under CoStar Umbrella CoStar Group CoStar Group, Inc. (NASDAQ: CSGP) is a leading provider of information services to commercial real estate professionals in the United States and the United Kingdom. CoStar's suite of services offers customers access via the Internet to the most comprehensive database of , Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CSGP CSGP Combat Support Group (USAF squadron type) CSGP Computer Systems Group ), today announced it has completed its acquisition of London-based Property Intelligence plc. The transaction makes CoStar the leading provider of information services to the U.S. and U.K. commercial real estate industries. Property Intelligence, whose operations principally consist of Focus Information, is a leading provider of commercial real estate information services in the United Kingdom. Founded in 1984, the company has approximately 700 customers, including the top 20 U.K. real estate services firms. Focus Information's main products provide information on buildings, available space, requirements, tenants, lease deals, comparable sales, planning information and photos across the United Kingdom. "We're eager to get started," said CoStar president & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Andrew C. Florance. "The addition of this strong U.K. operation positions CoStar to deliver integrated service to its multinational customers, and we believe the acquisition will ultimately lead to the expansion of the overall market for commercial real estate information services." On November 25, 2002, CoStar Group announced the recommended cash offer to acquire the existing issued shares of Property Intelligence for approximately $16.4 million, conditional upon valid acceptances being received by at least 90% of the outstanding shares of Property Intelligence, the passing of resolutions by the shareholders of Property Intelligence, and the disposal of Intelligent Addressing, a separate division of Property Intelligence. All of these conditions have been satisfied allowing the board of directors of CoStar Limited, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of CoStar Group Inc., to announce today that the Offer has been declared unconditional HEIR, UNCONDITIONAL. A term used in the civil law, adopted by the Civil Code of Louisiana. Unconditional heirs are those who inherit without any reservation, or without making an inventory, whether their acceptance be express or tacit. Civ. Code of Lo. art. 878. UNCONDITIONAL. in all respects. In addition, CoStar Limited today announced that it intends to acquire compulsorily all of the Property Intelligence shares in which it has not received a valid acceptance. About CoStar Group, Inc. Headquartered in Bethesda, MD, CoStar Group, Inc. (NASDAQ:CSGP), is the leading provider of information services to the U.S. commercial real estate industry. CoStar's suite of products offers customers access to the most comprehensive, verified database of commercial real estate information in 50 U.S. markets. The company has approximately 800 employees and contractors in 33 offices nationally, including the industry's largest professional research organization. This news release includes "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. ," which involve many risks and uncertainties that could cause actual results to differ materially from these statements. More information about potential factors that could cause actual results to differ materially include, but are not limited to, those stated in CoStar's Form 10-Q Form 10-Q See 10-Q. for the Quarter ended September 30, 2002, under the heading "Risk Factors." In addition to these statements, there can be no assurance that CoStar will be able to deliver an integrated service or will be able to expand the market for commercial real estate information services. All forward-looking statements are based on information available to CoStar on the date hereof, and CoStar assumes no obligation to update such statements. |
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