Zillow Buys HotPads, New BAE Takeover Rumors: Mergers and Acquisitions Update
In a Monday press release, the top real estate information marketplace, Zillow (NASDAQ:Z), reported that it will purchase HotPads for $16 million in cash. The latter is based in San Francisco and is a map-based rental and real estate search site. The acquisition marks Zillow’s first purchase of a primarily consumer-facing firm and should close in the fourth quarter.
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The United Kingdom’s aerospace group, BAE Systems (BAESY.PK), saw its shares soaring on Tuesday in London on speculation that Lockheed Martin (NYSE:LMT) is interested in the firm, according to several traders. Last month, prolonged merger discussions between BAE and the aerospace group European Aeronautic (EADSF.PK)(EADSY.PK) collapsed.