RentPath Gets $52M Breakup Fee From Failed CoStar Tie-Up

Law360 (February 22, 2021, 9:59 PM EST) -- Bankrupt apartment search site operator RentPath will be walking away from its breakup with CoStar Group with $52 million of the $58 million breakup fee after their $588 million deal to merge fell apart, according to filings from a Delaware bankruptcy court.

The news came in the form of a settlement filed Friday as part of RentPath's Chapter 11 proceedings. CoStar had filed an adversary proceeding in a bid to get out of shouldering the breakup fee from the companies' would-be merger, which crumbled after federal regulators expressed their disapproval.

CoStar will keep $6.75 million of the $58 million fee that RentPath...

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