Bankrate to be acquired by Red Ventures for $14.00 per share in cash
Bankrate (RATE) announced that it has entered into a definitive agreement to be acquired by Red Ventures, a digital consumer choice platform, in an all-cash transaction that values Bankrate at an enterprise value of approximately $1.4B.
Under the terms of the merger agreement, Bankrate shareholders will receive $14.00 per share in cash, which represents a premium of approximately 31% over Bankrate’s three-month average closing share price.
Bankrate, Inc. operates as a publisher, aggregator, and distributor of personal finance content on the Internet. It provides personal finance editorial content across various categories, including credit cards, mortgages, deposits, senior care, and others.
The merger agreement has been unanimously approved by Bankrate’s board.
The combination will create a scaled and diversified digital platform of consumer marketplaces. The transaction is expected to close in 2017.
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