Altus Group Limited (Altus) has terminated its efforts to acquire Situs Group LLC’s (Situs) commercial real estate valuation and advisory services business, REVS. In response, FTC Deputy Director of the Bureau of Competition, Kyle Mach, issued a statement.
"We welcome the news that Altus has abandoned its attempted acquisition of REVS, its closest rival for valuation management services. These services touch on nearly all commercial real estate in the United States by ensuring pension and other fund investors have near-to-real-time insight into the value of their commercial real estate assets," Mach said.
He added, "Competition among independent valuation management services providers is critical to ensure the integrity of information people rely on to make investment decisions. The acquisition threatened to limit this competition. By abandoning this deal, the two firms will continue to compete to drive innovation and improve accessibility for emerging technologies. Many thanks to the entire FTC team for their work on this matter."
The Federal Trade Commission works to promote competition and protect and educate consumers. The FTC emphasized that it will never demand money, make threats, tell individuals to transfer money or promise prizes. Additional information about how competition benefits consumers or how to file an antitrust complaint can be found on the FTC's website. For updates and resources, follow the FTC on social media, subscribe to press releases and read their blog.
