Moneysupermarket given green light to press ahead with £40m acquisition
Moneysupermarket.com has been given the green light to press ahead with a £40m acquisition.
The Chester based firm announced on the Stock Market this morning that the acquisition of Decision Technologies is to be completed within a matter of weeks.
Home telecoms and mobile phone comparison site Decision Technologies is backed by investment company BGF.
Darren Drabble, Moneysupermarket’s company secretary, said: “Moneysupermarket is pleased to confirm the satisfactory completion of the UK merger control process in respect of its proposed acquisition of Decision Technologies Limited.
“The final condition for completion of the acquisition has now been met. The company expects the acquisition to complete in the next two weeks.
“Following the acquisition we look forward to helping more people save more money from their home bills, by making it easier for people to find the best deals in the market across many categories, especially the growing home communications market.”
The acquisition is a result of Moneysupermarket’s strategy to generate market growth by taking price comparison to the user.
BGF invested £10m into the company in 2012 which helped founder Michael Philips build a presence in the price comparison market.
Following the acquisition, Michael Philips and the team will join the Moneysupermarket Group and continue in their roles.
He said: “I am delighted that Decision Tech is joining the Moneysupermarket.com Group.
“This is a testament to our team’s dedication to technical innovation in creating cutting edge comparison solutions for our partners, and a first-class user experience for consumers looking to save money through our portfolio of brands.
“We are looking forward to being part of a group that shares our values and will open new opportunities for us to launch new products to our B2B partners and build the profile of our trusted consumer brands.
“I would like to personally thank BGF and our non-executive board team, who have been a constant in their support and encouragement.”
Mark Lewis, Moneysupermarket chief executive, said: “We are delighted to announce this transaction and I look forward to welcoming Michael and his team to the Moneysupermarket Group.
“We said we would be working to take price comparison to users via sites they regularly visit on their mobiles, and Decision Tech’s B2B operation does just that.
“Decision Tech is one of the UK’s leading platforms for helping consumers compare and choose home communications, broadband and mobile phone deals. This is an area people find complex and confusing, and where there are plenty of savings to be made by customers”.
The advisors to the transaction were BDO and Squires Patton Boggs for DTL and EY and HSF for Moneysupermarket.
