Providence Equity Partners LLC is in discussions with TPG Capital LP to acquire a majority stake in RentPath Inc, a real estate listings company known for its Apartment Guide and Rent.com websites, according to people familiar with the matter. Providence Equity has so far prevailed in the auction for RentPath, which attracted other private equity firms, as well as commercial real estate information services provider CoStar Group Inc, the people said on Monday.A deal is far from certain and is contingent on Providence Equity obtaining financing from banks. Some of the banks have been reluctant to agree to the terms for fear of falling afoul of the leveraged lending guidance issued by U.S. regulators to curb the issuance of risky loans, the people added.Buyout firm TPG is negotiating with Providence Equity to keep a minority stake in the company, the people said. Any deal would likely value RentPath at less than the $1.5 billion TPG was hoping the company would fetch, they added.The sources asked not to be identified because the talks are confidential. Providence Equity and TPG declined to comment, while RentPath and CoStar representatives did not respond to requests for comment.
CoStar Group, Inc. (CoStar), is a provider of information, analytics and marketing services to the commercial real estate industry in the United States and United Kingdom. Shares of CSGP fell by 3.18% or $-4.52/share to $137.60. In the past year, the shares have traded as low as $138.49 and as high as $218.17. On average, 265354 shares of CSGP exchange hands on a given day and today's volume is recorded at 304196.
Information Services Corporation is a Canada-based company. Shares of ISV traded higher by 0.22% or $0.04/share to $18.60. In the past year, the shares have traded as low as $16.46 and as high as $19.99. On average, 6583 shares of ISV.TO exchange hands on a given day and today's volume is recorded at 600.
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