LendingTree to acquire QuoteWizard.com in roughly $370.2M deal
LendingTree announced that it has entered into a definitive agreement to acquire QuoteWizard.com, LLC, an largest insurance comparison marketplace. The equity purchase has a possible total consideration of $370.2M, which consists of $300M in cash at closing and contingent payments of up to $70.2M, subject to achieving certain growth targets over a three-year period. 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. LendingTree expects the acquisition to be accretive to 2019 adjusted earnings per share.