CoStar Group, a marketing and analytical property company for commercial real estate, recently announced it intends to acquire RentPath Holdings and has borrowed $745 million as apart of that effort.
By using a credit line, CoStar Group will be using the money to possibly purchase several other companies as well as "working capital and general corporate purposes".
The borrowing also comes amid the COVID-19 pandemic and will keep the company flush with cash for the time being. This will allow CoStar more flexibility as the markets fluctuate.
The RentPath Holdings acquisition was announced a few months ago for $588 million. RentPath operated Rent.com, Rentals.com, and ApartmentGuide.com and had recently filed for bankruptcy.
This acquisition and credit line will help CoStar Group further itself into the rental market. By adding more real estate portals and marketing, in addition to the additional funds on hand, CoStar is preparing itself for a strong 2020.
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