LONDON (dpa-AFX) - Moneysupermarket.com Financial Group Ltd., a subsidiary of Moneysupermarket.com Group Plc (MONY.L), on Tuesday, announced that it has agreed to acquire 100% of the issued share capital of Maple Syrup Media Ltd. (trading as Quidco), a consumer cashback business.
The initial consideration is £87 million in cash with a further £14 million deferred. Quidco is being purchased from Maple Syrup Group Ltd. on a debt-free, cash-free basis.
Moneysupermarket.com noted that the acquisition is expected to be earnings accretive in 2022. Quidco delivered revenue of £59.2 million for the year ending 31 July 2021, with adjusted EBITDA growing significantly year on year to £7.9 million.
Peter Duffy, CEO of Moneysupermarket Group, said, 'Moneysupermarket Group exists to help households save money. Today we've added a broad and compelling cashback offer. We welcome Quidco: a profitable, successful business, with strong consumer engagement and high growth potential...'
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