Zoopla owner ZPG buys comparison website Money in £140m deal
The company behind property portal Zoopla is to acquire financial services comparison website Money.co.uk in a deal worth up to £140 million.
ZPG, which also owns uSwitch and PrimeLocation, said it had struck an agreement to buy the website for £80 million on a "cash-free, debt-free basis", plus a performance-based earn-out (additional payment) of up to £60 million.
Founded in 2008, Money allows consumers to compare thousands of mortgage, loan, credit card, bank account and insurance deals.
The business enjoys more than two million visits per month to its website and generated revenues of £24.7 million last year, with earnings of £8 million.
ZPG said the acquisition is a part of a strategy to "offer the widest range of relevant products across its platforms".
ZPG founder and chief executive 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."
Money employs more than 50 staff out of offices in Cirencester and, following completion, it will continue to operate as a standalone brand and platform, headed up by founder Chris Morling.