SUNNYVALE, CA–CoStar Group is acquiring locally based Matterport, the producer of photorealistic 3D virtual property tours, in a $1.6 billion transaction that will be split evenly between cash and stock, the companies have announced.

CoStar, the operator of leading online property marketplaces including Apartments.com, LoopNet, CoStar and Homes.com, has agreed to pay Matterport shareholders $2.75 in cash and another $2.75 in CoStar stock for each of their shares, the announcement said.

Using a global network of photographers and capture services technicians, Matterport produces thousands of 3D virtual tours known as digital twins for properties each month, building a spatial property data library that now includes 12 million spaces encompassing an estimated 38 billion square feet in 177 countries.

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