RealPage Inc. has received antitrust clearance from the U.S. Justice Department for its acquisition of Lease Rent Options, a revenue management service.
The deal, which had been originally expected to close in the second quarter, is now expected to close in December, with integration to complete during 2018.
RealPage is paying $300 million in cash, subject to working capital adjustments and post-acquisition indemnification claims. RealPage expects Lease Rent Options to generate revenue of about $40.3 million and adjusted EBITDA of about $12.0 million for 2017. The company expects the purchase price valuation to represent about 12x adjusted EBITDA on a run-rate basis after integration is complete.