Matterport, CoStar receive requests for additional information from FTC

Matterport (MTTR) disclosed in a regulatory filing after the market close on Wednesday that on July 3, Matterport and CoStar Group (CSGP) each received a request for additional information and documentary materials from the Federal Trade Commission in connection with the FTC’s review of the companies’ merger transaction. “The effect of the Second Request is to extend the waiting period imposed by the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, until 30 days after Matterport and CoStar Group have each substantially complied with their respective Second Requests, unless that period is extended or terminated sooner by the FTC. Each of Matterport and CoStar Group expect to respond promptly to the Second Request and to continue to work cooperatively with the FTC in its review of the Transaction. Matterport and CoStar Group continue to expect that the Transaction will be completed in the fourth quarter of 2024, subject to approval by Matterport stockholders at a special meeting held for this purpose, the expiration or termination of the waiting period under the HSR Act and the satisfaction or waiver of the other closing conditions specified in the Merger Agreement. As previously announced, Matterport has scheduled a special meeting of its stockholders, to be held on July 26, 2024, to consider and vote on the Mergers,” the filing stated. “On June 14, 2024, the Competition and Markets Authority in the United Kingdom responded to a briefing paper submitted by CoStar Group in respect of the Transaction to indicate that it has, at such time, no further questions related to the Transaction. Additionally, on June 25, 2024, the Secretary of State in the Cabinet Office informed CoStar Group that the UK Government will not take any further action in relation to the Transaction under the UK National Security and Investment Act 2021,” the filing also stated.