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White Mountains-backed MediaAlpha acquires certain assets of technology company

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White Mountains-backed MediaAlpha acquires certain assets of technology company

Insurance advertising company MediaAlpha on Jan. 15 acquiredcertain assets from Oversee.net for a purchase price of $3.9 million.

White MountainsInsurance Group Ltd. acquired 60% of the outstanding class A common units ofMediaAlpha in March 2014.

Oversee.net is a technology company that operates aportfolio of websites and mobile apps, including for consumer finance,according to its website. Themajority of assets MediaAlpha acquired from Oversee.net consists of customerrelationships, a customer contract, a non-compete agreement from the seller,domain names and technology, according to a Form 10-Q filed May 2.

Also, White Mountains provided an update on itsacquisition ofMediaAlpha. White Mountains on Feb. 26 paid $7.8 million insettlement of the final purchase adjustment. After adjustment forthe estimated contingent purchase price adjustment, White Mountains recognizedtotal assets acquired related to MediaAlpha of $70.1 million, including $18.3million of goodwill and $38.5 million of other intangible assets, and totalliabilities assumed of $10.0 million, reflecting acquisition date fair values.

In addition, White Mountains provided an update on alawsuit the company is facing in relation to TribuneCo.'s leveraged buyout in 2007.

In June 2011, Deutsche Bank AG unit Deutsche Bank Trust Co. Americas, Law Debenture Co. ofNew York and M&T BankCorp. unit WilmingtonTrust Co., as trustees for certain Tribune Co. issued senior notes,filed lawsuits inseveral jurisdictions against various defendants including , itssponsored benefit plans and other White Mountains affiliates that were formerTribune shareholders.

The U.S. Second Circuit Court of Appeals on March 29affirmed the dismissal of the noteholders action. The plaintiffs may now acceptthe decision, ask the three judge panel to reconsider, file a motion for arehearing en banc or seek a writ of certiorari to the U.S. Supreme Court.