Cash and shares deal announced
MoneySupermarket.com has acquired the personal financial website MoneySavingExpert in an £87m cash and shares deal.
Financial journalist Martin Lewis’s popular consumer website, which was set up in 2003, has been bought for £35m upfront cash and £22.1m in MoneySupermarket.com shares, as well as a deferred consideration of up to £27m, subject to the future performance of the site.
MoneySavingExpert said it will continue to operate as it does now, but with improved technology.
The firm said it has agreed an ‘editorial code’ as part of the sale contract to ensure its journalistic content will stay independent of any commercial considerations.
Lewis, founder of MoneySavingExpert, said the deal is great news for the site and its users, and will ensure it is around for many years to come.
He said: "I chose MoneySupermarket to work with as I know and trust them. They understand the site, as they've shown by agreeing the Editorial Code, which ensures our content can proudly remain editorially independent and free from commercial considerations.
"I'm chomping at the bit to get going, and come up with new ways to help people save cash and continue campaigning on issues such as payment protection insurance and getting financial education on the curriculum.”
Peter Plumb, chief executive officer of MoneySupermarket, added: "We've worked closely together for years with the common goal of helping customers save money. By joining forces we can get more people to save more money.
“We'll help MoneySavingExpert reach a wider audience and it will broaden the range of advice and tools we offer.”