Moody’s To Acquire Commercial Real Estate Data Provider Reis For Nearly $300M
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Moody's research and advisory arm plans to boost its data collection capabilities through the acquisition of commercial real estate data provider Reis Inc.
Moody's Analytics, the non-rating subsidiary of Moody's, agreed to a merger with the nearly 40-year-old New York-based firm for $278M in a cash transaction worth $23 per share, the companies announced in a press release.
When the deal closes in the fourth quarter, Reis will become a wholly owned subsidiary of Moody's. Moody's purchase includes all shares of Reis currently owned by the company's management, which amounts to an 18% stake. After that, Moody's will purchase all remaining shares and close the transaction. Moody's is funding the deal with cash and short-term promissory notes.
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