Red Ventures to buy Bankrate in $1.4bn deal

By Prasun Bose

Online finance publisher Bankrate is to be acquired by Red Ventures at an enterprise value of $1.4bn.

Bankrate shareholders will receive $14.00 per share in cash after the merger was given the green light by the company’s board of directors.

Red Ventures, a leading digital consumer choice platform, will quickly improve their reach in the financial services sector to help develop relationships between providers and consumers.

"We're excited to join forces with the Bankrate team, which has built an impressive and powerful platform of consumer-facing financial services content and brands," said its CEO Ric Elias. 

"Our capabilities are highly complementary. 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."

See also:


Bankrate helps customers make the most of their money when they borrow, save or invest while creating a range of editorial content related to topics such as credit cards, mortgages and deposits.

The business formed in 1976 and went online for the first time in 1996, launching Bankrate.com. Its website currently attracts in the region of 15m unique visitors per month. 

"We are thrilled to have reached an agreement that delivers immediate and significant value to our shareholders while joining with Red Ventures, a world-class organization that will take the Bankrate businesses to the next level of success," said Kenneth S. Esterow, President and CEO of Bankrate. 

"As a part of Red Ventures, Bankrate will be better positioned than ever to be the partner of choice for providers to acquire customers."

The deal is expected to be closed before the end of the year once Bankrate’s shareholders have signalled their approval.

Share

Featured Articles

How Elon Musk pulled off a $44bn hostile takeover of Twitter

As the world’s richest man, Elon Musk, takes over tech giant Twitter, we highlight the timeline that led to this titanic takeover

Amazon, Alphabet, Wells Fargo best workplaces, says LinkedIn

The top 50 workplaces to grow careers prioritise flexible work and tuition-support programs, as top-ranking firms Amazon and Alphabet prove, says LinkedIn

Top 10 women in technology in the US

These 10 women in tech are forging a path into bold areas of innovation and technological ambition, according to sister publication Technology Magazine

8 executive moves to crypto – from mainstream to startup

Technology & AI

Digital Twins tech ‘missing link’ in urban decarbonisation

Technology & AI

The Metaverse Foundry from Infosys is a business playground

Technology & AI