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CoStar Group, a leading provider of online real estate marketplaces, has announced its acquisition of Matterport, a pioneer in 3D capture solutions for real estate, in a deal valued at $1.6 billion. Matterport's technology allows for the creation of immersive virtual tours, enhancing property marketing and management. With over 12 million spaces captured worldwide, Matterport's expertise aligns with CoStar's mission to digitize real estate. The acquisition is expected to further innovate digital property experiences, with CoStar intending to invest in research and development to expand Matterport's spatial technology. The transaction is subject to customary closing conditions and regulatory approvals, with completion anticipated later this year. Stay tuned for more details during CoStar Group's upcoming earnings conference call on April 23.

Original article posted on April 22, 2024