CoStar Group has completed the previously announced acquisition of Ten-X Commercial for $190 million in cash.
“We are pleased that we were able to close on our acquisition of Ten-X so quickly and we look forward to getting to work on combining the strengths of Ten-X with the strengths of CoStar Group to make the platform even more valuable for our brokers and the institutions they represent.” said Andy Florance, CEO of CoStar Group.
CoStar Group plans to integrate the Ten-X auction platform into both LoopNet and CoStar. The integrated offering will expand the audience for Ten-X auctions up to 40 times its current scope, said the company in a statement.
Ten-X Commercial was acquired by investment funds affiliated with Thomas H. Lee Partners, L.P. and certain co-investors in September 2017, as part of a broader acquisition of a holding company that owned Ten-X, Auction.com and a business formerly known as Ten-X Homes. Following such acquisition, Ten-X was separated from the other businesses, and this acquisition does not include such other businesses. Investment funds affiliated with Thomas H. Lee Partners, L.P. and certain co-investors continue to own Auction.com.
