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Commercial real estate data company Reis to be acquired by Moody’s Corp in US$278mln deal

A Moody's executive said Reis' real estate database held important information on the asset class

Office buildings
The company provides real estate professionals and investors with commercial real estate market information

Commercial real estate data company Reis Inc (NASDAQ:REIS) saw its shares soar after announcing a buyout deal with Moody’s Corp (NYSE:MCO).

The financial services company plans to acquire Reis in a US$278mln cash deal, paying US$23 per share for each outstanding share.

Shares of the New York-based company soared in pre-market trading Thursday and continued to rise, jumping more than 32% to US$23.05 in morning trading.

Its subsidiary Reis Services provides real estate professionals and investors with commercial real estate market information and other analytical tools.

“Commercial real estate is analytically very complex, and Reis has committed decades of effort and expertise building a unique data asset with critical and hard to replicate information on this large and important asset class. Their data on CRE supply and Moody’s Analytics’ insights on the demand for commercial properties will provide market participants with a powerful 360-degree view of the economics of CRE lending and investment,” said Mark Almeida, president of Moody's Analytics, in the company’s press release.

The deal is expected to close during the fourth quarter of 2018.

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NASDAQ:REIS
Market: NASDAQ
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