CoStar to make $1.6B tech-focused acquisition

Posted on by Michael Randle

CoStar Group Inc. has agreed to acquire Matterport Inc., a spatial data company, in a cash-and-stock deal valued at $1.6 billion, its biggest acquisition ever.

The real estate data giant (NASDAQ: CSGP) will pay $5.50 a share — $2.75 in cash and $2.75 in stock — for each share of Matterport, according to Monday’s announcement.

Founded in 2011, Sunnyvale, California-based Matterport (NASDAQ: MTTR) pioneered the development of a 3D capture technology that creates dimensionally accurate and photorealistic virtual tours of properties.

“The world has changed and today a Matterport is the new open house or property tour,” CoStar CEO Andy Florance said in the statement. “People now select their next home, apartment, office, store, hotel or warehouse on their mobile device often without ever visiting the property.”

In early trading Monday, Matterport shares surged 180% to $4.84, and CoStar’s stock was up 2.1% to $86.05.

CoStar has been in acquisition mode in recent years, looking to up its residential real estate market share and spend cash on hand.

Washington Business Journal

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Scottsdale-based StandardAero begins $33M expansion in Georgia

Posted on by Michael Randle

Scottsdale-based aircraft maintenance company StandardAero has started a $33 million expansion in Augusta, Georgia.

The project at Augusta Regional Airport was announced by Georgia Gov. Brian Kemp. It will add a new hangar and engine shop next to the airport, and is expected to create 90 jobs. It’s projected to be finished in 2025.

“The new facility will add over 60% of new space to our existing footprint,” Chris Bodine, vice president and general manager of StandardAero’s Augusta facility, said in an announcement. That amounts to about 80,500 square feet.

Phoenix Business Journal

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Groundbreaking held for new US Soccer national training center, headquarters in Georgia

Posted on by Michael Randle

FAYETTE COUNTY, Ga. (Atlanta News First) – U.S. Soccer hosted a groundbreaking ceremony Monday for its brand-new National Training Center and Headquarters in Georgia.

“The center of the world of soccer is in Atlanta, Georgia, and as years go on that will only become truer and truer, not only for our city but the nation as well,” said Arthur Blank, owner of Atlanta United and the Atlanta Falcons.

The training center is named in Blank’s honor.

The location at Trilith in Fayette County was selected last year. Fayette County is 27 miles from Atlanta and 20 miles from Hartsfield-Jackson Atlanta International Airport. U.S. Soccer leaders are hoping the great Georgia climate and major airport will encourage people from everywhere to come train year-round.

Atlanta News First

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