Statement of Daniel Francis, Deputy Director of the FTC’s Bureau of Competition, Regarding the Announcement That the Parties Have Abandoned CoStar Group Inc.’s Acquisition of RentPath Holdings, Inc.
Following the announcement that the parties have abandoned CoStar’s proposed acquisition of RentPath, Daniel Francis, Deputy Director of the Bureau of Competition, made this statement:
“This is terrific news for consumers. The CoStar/RentPath deal would have combined two close competitors and harmed competition in markets across the country. I’m very grateful to the FTC team—including lawyers, economists, and other team members—who worked tirelessly through the COVID pandemic so that consumers will continue to benefit from competition in online rental advertising markets.”
On November 30, 2020, the Commission voted to file an administrative complaint and authorize staff to seek a preliminary injunction in federal court that would stop the proposed acquisition.
The FTC charged that the acquisition would significantly increase concentration in the already highly concentrated markets for internet listing services advertising for large apartment complexes in 49 individual metropolitan areas across the United States.
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