OnTheMarket shares jump on CoStar's bid
OnTheMarket shares (UK:OTMP) rose 53% to 108 pence after CoStar Group (CSGP) agreed to acquire the third most visited residential property portal in the United Kingdom, for 110 pence per share, or approximately GBP100 million. CoStar Group intends to invest GBP46.5 million into sales and marketing in the first full year following the commencement of the integration of the portal into CoStar's network of residential marketplace, which it said was six times OnTheMarket's annual spend and more than three times that of Rightmove (UK:RMV). Rightmove shares fell by 13%.
-Steve Goldstein
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10-19-23 0833ET
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