Experian to Sell Pricegrabber + Two Sites for $175 Million
Hot off the presses courtesy of Internet Retailer:
Experian PLC will sell three of its online assets to an Indian digital marketing company for $175 million. The sale, to Ybrant Digital Ltd., includes comparison shopping engine PriceGrabber and lead generation sites LowerMyBills and ClassesUSA.
Experian paid $485 million to buy PriceGrabber and approximately $330 million to buy LowerMyBills, both in 2005, a total of $815 million.
The deal, which consists of $100 million cash and assumption of 75 million dollars in debt, is expected to be completed within the first half of 2012. For year ended March 31, revenues for the businesses being sold were $283 million and earnings before tax and interest was $20 million.
Steve Krenzer, the President of Experian Interactive will continue to lead the new group by joining the Ybrant Digital family. “I am very excited to join the Ybrant team. With Ybrant’s global footprint and our leading sites the combined group will make us the pacesetter globally.” said Krenzer.
By comparison, Shopzilla was sold to Symphony Technology Group for $165 million just over a year ago.
No word on which comparison shopping site Ybrant used to hunt this deal down.
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