Moody’s closed on its acquisition of commercial real estate data company REIS this week after completing a tender offer valued at $225 million. The deal provides Moody’s with information on 18 million properties across the country. Under the arrangement, REIS will operate as a subsidiary of Moody’s. The company purchased 9.8 million REIS shares priced at $23 each. The stocks included in the transaction represent 84.7 percent of REIS shares. Under Maryland law, this gives Moody’s the ability to push through with the deal without shareholder approval. Moody’s, which is best known for its credit ratings, agreed to buy REIS in August in a deal valued at $278 million. The transaction stands as the company’s second commercial real estate data play in the past year. In October 2017, Moody’s Analytics acquired a minority stake in CompStak, a startup that provides crowdsourced data on commercial real estate leases and sales. With the completion of the acquisition, REIS stocks have been delisted from the Nasdaq. Shares that were not acquired in the tender offer have been canceled and converted into claims for $23 per share.
Here’s what Moody’s got in its takeover
The deal for the CRE data firm closed on Monday
New York /
Oct.October 17, 2018 08:00 AM
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