Experian has sold PriceGrabber and LowerMyBills to an Indian group for less than a quarter of what the credit ratings and data company paid for the price comparison sites in 2005.
Ybrant Digital, a digital marketing company based in Hyderabad, is to pay $175m for PriceGrabber and LowerMyBills, in cash and debt. Experian expects to realise a further $120m in tax relief on the transaction over the next two years.
The deal price compares badly to the $485m which Experian, then part of the GUS group, paid in 2005 for PriceGrabber, which helps consumers find the lowest prices for cameras, computers and other items. In the same year it also paid $330m for LowerMyBills, a mortgage and loan comparison site, bringing the total price of the two sites to $815m.
Experian announced the deal as it reported a 10 per cent like-for-like growth from its remaining business, with total group revenue of $4.5bn. “We are in great shape in making our own growth across the board despite the tough economic conditions,” said Mr Robert, as Experian refocused towards emerging markets and data, software and customer segmentation tools. He said the group was not planning to make any future disposals
Source: Financial Times