LendingTree, Inc. to Acquire QuoteWizard.com, LLC
"By acquiring QuoteWizard, LendingTree will establish itself as a leading player in the online insurance advertising industry, while continuing our ongoing diversification within the financial services category," said
"LendingTree's strong brand identity, online marketing and technology capabilities are the ideal match for what we've built at QuoteWizard," said co-founder and CEO
The equity purchase has a possible total consideration of
The acquisition is expected to close in the fourth quarter subject to customary closing conditions and LendingTree intends to fund the acquisition through cash on hand and by drawing on the existing credit agreement.
For the six months ended
LendingTree will host a conference call tomorrow,
BofA Merrill Lynch acted as exclusive financial advisor to LendingTree in connection with the transaction.
About QuoteWizard:
AboutĀ LendingTree, Inc.
LendingTree, Inc.Ā is headquartered inĀ Charlotte, NCĀ and maintains operations solely inĀ the
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
The matters contained in the discussion above may be considered to be "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations or anticipations of LendingTree and members of its management team regarding the expected benefits from the acquisition. Factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include the following: the necessity of third party consents and expiration of the waiting period under antitrust law in order to close the acquisition and potential failure of other closing conditions;; the retention of key employees of QuoteWizard and the ability of LendingTree to successfully integrate QuoteWizard to achieve expected benefits; ability to effectively leverage the LendingTree brand in the insurance comparison marketplace; ability to maintain and grow key carrier relationships; ability to develop new products and services and enhance existing ones; competition; the potential effects of existing and new laws, rules or regulations; failure to maintain the integrity of systems and infrastructure through integration; and failure to adequately protect intellectual property rights or allegations of infringement of intellectual property rights.Ā These and additional factors to be considered are set forth under "Risk Factors" in our Annual Report on Form 10-K for the period ended
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