ATLANTA, March 4, 2021 /PRNewswire/ -- RentPath
announced today that a settlement agreement has been reached with
CoStar Group, Inc. (NASDAQ: CSGP) ("CoStar"), fully resolving the
litigation in the United States
Bankruptcy Court of the District of Delaware ("the Court") regarding CoStar's
obligation to pay RentPath a $58,750,000 break-up fee under the terms of their
terminated transaction agreement. Under the terms of the settlement
agreement, which were approved by the Court today, CoStar will pay
RentPath $52,000,000, which is 88.5%
of the break-up fee, within two business days of the Court's
approval.
As previously disclosed on February 19,
2021, Redfin Corp. (NASDAQ: RDFN) has entered into
an agreement to acquire RentPath for $608,000,000 in cash, subject to certain
customary antitrust and bankruptcy court approvals.
"It's a total grand slam for RentPath and our employees; in the
space of a few days, we have reached an agreement to be acquired by
Redfin for a higher price," said Dhiren
Fonseca, RentPath's CEO. "In Redfin we now have a partner
who we know we can trust, who shares our values and moral ethic,
and whose commitment to delivering value to customers is aligned
with our DNA. RentPath has always represented the best partner for
multifamily communities and an employer of choice in our industry.
$52,000,000 is a lot of money, and
CoStar shareholders and customers should be asking themselves, who
ultimately will be stuck with that bill. We are now free to focus
on what matters most – serving our customers and beating our
competition."
About RentPath:
RentPath is a leading digital marketing solutions company that
empowers millions nationwide to find apartments and houses for
rent. Through its brands, RentPath continues to simplify the rental
search experience while driving quality advertiser leads that
result in occupancies and a high return on investment. With
powerful online and mobile solutions that provide prospective
renters with the information and tools they need, RentPath connects
consumers with a home that reflects their personal lifestyles. If
you need help finding great tenants for your community or property,
please find us at www.rentpath.com/get-started/.
RentPath helps people navigate the rental journey by providing a
delightful, stress-free experience so that all renters find and
enjoy their ideal home. If you're interested in finding a home,
visit us at www.apartmentguide.com, www.rent.com, or
www.rentals.com.
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SOURCE RentPath Holdings, Inc.