GoCompare agrees to acquisition of MyVoucherCodes in £36m deal

GoCompare.com Group plc has reached an agreement to acquire The Global Voucher Group Limited in a £36.5m deal.

The Global Voucher Group Limited, which trades as MyVoucherCodes, and its subsidiaries will be purchased from Monitise Limited on a cash-free, debt-free basis.

MyVoucherCodes.co.uk is one of the UK’s largest online voucher code sites with eight million e-mail subscribers and a website which receives around 45 million annual visits.

As a result, MyVoucherCodes’ commercial relationships comprises more than 3,000 retail brands and generated £350m of retailer revenue for the year ending 30th June 2017.

MyVoucherCodes is also forecast to generate revenues of £11.8m, EBITDA of £4.1m and pre-tax profit of £4m for the 12 month period ending 31st December 2017.

MyVoucherCodes’ position in retail vouchers will complement GoCompare’s position as a provider of financial services and utilities comparison.

GoCompare said the acquisition is set to increase the opportunities for frequency of engagement with savers who use both comparison and voucher websites, introduce offers to incentivise conversion on both GoCompare and MyVoucherCodes, and provide a new channel for existing GoCompare partners.

The acquisition is expected to be earnings accretive in 2018 on an underlying basis.

Matthew Crummack, CEO of GoCompare, said: “We are delighted with this acquisition which will complement the services offered by GoCompare.

“We are making strong progress towards our ambition to become the ‘go-to’ place for savvy savers to find great deals, and for service providers to reach and acquire customers.

“I am looking forward to MyVoucherCodes playing a valuable role within the Group and providing us with the potential to help even more people, more often.”

GoCompare expects the existing MyVoucherCodes management team to remain with, and continue to lead, the MyVoucherCodes business.

Faisal Galaria, chief strategy and investment officer at GoCompare, added: “MyVoucherCodes has achieved significant scale in the UK over the last 10 years and the Acquisition brings relationships with some of the largest online retailers in the UK across numerous industries, including ASOS, Sky, Expedia and many more.

“It also provides a platform that we can leverage for further growth.”

The acquisition is subject to customary closing conditions and is expected to complete in January 2018.

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