Zeus is delighted to be advising OnTheMarket Plc on the £99 million recommended cash offer from CoStar Group, Inc. This is the third public takeover transaction Zeus has advised on this year, providing further evidence of our expertise in complex and cross-border M&A transactions involving public companies.
Zeus have advised OnTheMarket since 2017, including acting on their AIM IPO and a number of subsequent M&A and fundraising transactions. OnTheMarket has more than doubled its revenue and advertiser numbers since IPO and we are pleased that we have been able to advise the Company on its journey to being a credible challenger to the market leading property portals and now on the proposed sale to CoStar, which will enable the Company to materially accelerate its strategy.
The offer represents a premium of 56% to OnTheMarket’s closing price on 18 October 2023, and a 94% premium to its 3-month VWAP. It is expected to close by the end of 2023, subject to shareholder approval, and is intended to be implemented by means of a scheme of arrangement.
OnTheMarket was founded by agents in 2013 with the mission to provide a competitive alternative to the existing property portals in the United Kingdom. Over the years, OnTheMarket has successfully developed a large network of agents and property listings by taking an agent-friendly approach. Today, OnTheMarket has more than 13,200 agent advertisers and attracts high intent leads at a fraction of the cost that other U.K. property portals extract.
CoStar Group, an S&P 500 and NASDAQ 100 company, is a leading global operator of property portals with approximately 280 million visits in September. CoStar Group operates one of the most successful and heavily trafficked residential network portals in the U.S. with 240 million visits to Homes.com and Apartments.com in September 2023. CoStar Group has operated the leading U.K. commercial property information, analytics and news site, CoStar, for the past two decades, and operates LoopNet, the leading commercial property portal in the U.K. CoStar Group operates 28 property portals, collects information in approximately 190 countries, and has clients in over 125 countries.
Jamie Peel, Ben Robertson, James Hornigold, James Edis, Alexandra Campbell-Harris and John Moran.
If you would like further information, please get in touch with our team.
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