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Gocompare.com to acquire Global Voucher Group for £36.5M

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Gocompare.com to acquire Global Voucher Group for £36.5M

Gocompare.com Group plc agreed to acquire The Global Voucher Group Ltd. from Monitise Plc for £36.5 million in cash on a cash-free, debt-free basis.

Price-comparison website Gocompare.com expects the acquisition to increase the number of hits on its websites to 100 million per year. The acquisition is expected to be earnings-accretive in 2018 on an underlying basis, and Gocompare.com expects exceptional costs of £1 million in 2017 and integration costs of £1 million in 2018.

The acquisition, expected to be completed in January 2018, will not change Gocompare.com's dividend policy, it said. The company will fund the acquisition through a combination of existing cash resources and an extension to existing credit facilities, including the expansion of a revolving credit facility to £40 million from £10 million.

The Global Voucher Group trades as MyVoucherCodes.co.uk, an online voucher code site. It is expected to generate revenue of £11.8 million, EBITDA of £4.1 million and pretax profit of £4.0 million for the year to Dec. 31.