CoStar Group Inc , an information service provider to REITs, agreed to buy LoopNet Inc for about $860 million in cash and stock, to double its paid subscriber base. LoopNet is a commercial real estate information services provider and operates LoopNet.com, which is a commercial real estate listing service with over 4 million members. The deal was at a premium of 31 percent to LoopNet's Tuesday closing price of $14.31. LoopNet shareholders will get $16.50 in cash and 0.03702 shares of CoStar common stock for each share held, the companies said in a joint statement.
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