: OnTheMarket shares jump on CoStar’s bid

OnTheMarket shares UK:OTMP rose 53% to 108 pence after CoStar Group CSGP agreed to acquire the third most visited residential property portal in the United Kingdom, for 110 pence per share, or approximately £100 million. CoStar Group intends to invest £46.5 million into sales and marketing in the first full year following the commencement of the integration of the portal into CoStar’s network of residential marketplace, which it said was six times OnTheMarket’s annual spend and more than three times that of Rightmove UK:RMV. Rightmove shares fell by 13%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.