CoStar completes acquisition of Property Intelligence plc. (Technology Update).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. announced it has completed its acquisition of London-based Property Intelligence plc. The transaction makes CoStar the leading provider of information services See Information Systems. 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 Nov. 25, 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 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 com·pul·so·ry adj. 1. Obligatory; required: a compulsory examination. 2. Employing or exerting compulsion; coercive. n. pl. all of the Property Intelligence shares in which it has not received a valid acceptance. |
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