US commercial property firm CoStar Group Inc. (NasdaqGS:CSGP) has agreed to offer to acquire UKproperty portal OnTheMarket plc (AIM:OTMP) for about GBP 99 million (USD 120.8 million/EUR 114.3 million), it was announced on October 19, 2023. CoStar has agreed to pay 110 pence in cash for each share in OnTheMarket, which is 56% higher than the company's closing price on October 18, 2023. On the news, OnTheMarket's shares shot up, trading at 107.51 pence at midday in London, 52% higher on the day.

The acquisition will provide CoStar with access to the residential property market in the UK, according to the buyer, speeding up its expansion across the UK and Europe. At present, shareholders that own 29.51% of OnTheMarket back the offer.