ZPG agrees to acquire Dot Zinc for £80m
StockMarketWire.com - ZPG conditionally agreed to acquire Dot Zinc (Money) for £80m on a cash-free, debt-free basis, plus a performance-based earn-out of up to £60m).
Established in 2008, Money is one of the UK's leading financial services comparison websites, allowing consumers to compare thousands of deals from over 600 providers across more than 60 product categories including mortgages, loans, credit cards, bank accounts and insurance.
The business has a strong brand position with over two million visits per month to its website.
Money generated revenues of £24.7m with an adjusted EBITDA of £8m in the year ended 31 October 2016.
The acquisition is a core part of ZPG's strategy to offer the widest range of relevant products across its platforms and is an ideal fit, with both businesses focussed on empowering consumers to make better-informed property and home-related decisions.
Money's strong financial services comparison offering is highly complementary to ZPG's market-leading position in home services comparison via its uSwitch brand. The combination will allow consumers to benefit from the best-in-class products across all ZPG's platforms which attract over 50 million visits per month with over 10 million registered users.
Money has a highly experienced team of over 50 staff with significant financial services comparison market expertise, operating out of its award-winning offices in Cirencester.
Following completion, Money will continue to operate as a standalone brand and platform, headed up by Founder & CEO, Chris Morling.
ZPG CEO Alex Chesterman said: "We are delighted to announce this transaction. Adding Money, one of the UK's leading financial services comparison websites, to our existing brand portfolio will further enhance our product capabilities and consumer engagement across both our comparison and property platforms.
"Broadening our financial services offering has long been a key part of our strategy and I look forward to welcoming Chris and his team to the ZPG family."
Money CEO Chris Morling said: "I am very proud of what we have achieved over the last nine years.
"We have developed a strong brand and loyal following and are looking forward to the next phase of our growth.
"ZPG has led the way as an innovative digital consumer champion and we are looking forward to helping even more consumers make better-informed decisions as part of ZPG."
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