Valuation and strategic synergies in the costar group - matterport acquisition the SPAC boom and burst: analysis of 18-month post-merger performance in SPAC transactions

Gavrilov, EkaterinaRibeiro, Gaspar2026-05-152026-05-152026-01-192026-01-19http://hdl.handle.net/10362/203124This work project examines CoStar Group’s February 2025 acquisition of Matterport, assessing value creation and potential overpayment. Valuation and strategic rationale are analyzed using discounted cash flow, adjusted present value, market-based multiples, and scenario-based synergy analysis. Results show intrinsic overvaluation of Matterport, with value creation contingent on synergy realization. The project also studies 18-month post-merger performance of 307 U.S. deSPACs from 2020 to 2024, documenting widespread underperformance driven primarily by structural SPAC features rather than firm fundamentals.engM&ACompany valuationIntrinsic valuationRelative valuationSynergiesDigital twin technologyReal EstateLong-run performancePost-merger underperformanceStructural dilutionaSpecial purpose acquisition CompaniesSPACsValuation and strategic synergies in the costar group - matterport acquisition the SPAC boom and burst: analysis of 18-month post-merger performance in SPAC transactionsmaster thesis204240662