Moneysupermarket secures deal to acquire cashback site Quidco
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Moneysupermarket.com Financial Group Limited, a subsidiary of Moneysupermarket.com Group PLC, has agreed to acquire 100% of the issued share capital of Maple Syrup Media Ltd trading as Quidco, a major consumer cashback business.
The initial consideration is £87m in cash with a further £14m deferred. Quidco is being purchased from Maple Syrup Group Limited on a debt-free, cash-free basis.
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Hide AdQuidco is the second largest cashback business in the UK with around one million transacting users. It offers cashback at around 4,500 merchants including retail, travel and switching services.
Peter Duffy, CEO of Moneysupermarket Group, said: "Moneysupermarket Group exists to help households save money. Today we've added a broad and compelling cashback offer. We welcome Quidco: a profitable, successful business, with strong consumer engagement and high growth potential.
"We have experience of bringing complementary businesses into the group and helping them thrive while sharing their capabilities more widely. Our growing stable of well-known and trusted consumer brands will provide households with an even more compelling savings offer. We look forward to working with Quidco to deliver this."
Paul Nikkel, Founder & co-CEO of Quidco added: "As an early pioneer of cashback, Quidco has continually innovated to bring more cashback to more members. We are excited to continue this journey within Moneysupermarket Group which opens up more opportunities and savings for members."