GUS buys LowerMyBills.com for $330m
US bolt-on for Experian
Experian - the consumer information outfit owned by UK retailing giant GUS plc - has shelled out $330m to acquire US online business LowerMyBills.com. It could also spend up to $50m in performance-related pay-outs over the next two years.
Created in 1999 and based in Santa Monica, California, LowerMyBills.com provides customers with a free online service to compare prices for everyday products such as loans, mortgages, insurance and phone tariffs.
The idea is that users can tap in their details and get the best deal on monthly bills and help reduce the cost of living.
Said Experian chief exec Don Robert: "With LowerMyBills.com, we will now assist consumers in making the most cost-effective financial services decisions, while also providing our lender clients with high-quality leads for new borrowers."
GUS - which includes Argos and Homebase among its stable of companies - expects the deal to "comfortably exceed [its] financial target of generating a double-digit post-tax return on investment over time and is immediately accretive to earnings". ®