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Privately held Red Ventures, the marketing tech firm in South Carolina, has agreed to buy Bankrate, the personal finance website, for $1.4bn to add to its growing stable of consumer sites. The $14 share price all-cash buyout represents a 30% premium to Bankrate's average last 3 month stock price.
“Our capabilities are highly complementary,” he said. “ We see significant potential to leverage our technology, strategic partnerships and digital expertise and build on Bankrate’s leading platforms to help more consumers find the financial services and products that meet their needs.” The transaction is expected to close in 2017, pending approval by Bankrate shareholders and regulators. A Red Ventures spokesperson declined to comment beyond Monday’s news release.
http://www.charlotteobserver.com/news/business/article159395359.html
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