Infochoice secures iSelect purchase

Infochoice secures iSelect purchase

The merger between price comparison websites Infochoice (ASX:ICH) and iSelect is all but complete.

iSelect, which provides insurance, home loan and telecom service price comparisons, on Thursday revealed it had received 98% acceptances for its $33.5 million offer for financial comparison site Infochoice.

iSelect has now declared the offer unconditional. It is scheduled to close on October 31.

Company secretary Matt McCann said the development was a major step towards completing iSelect's first acquisition in its 11-year history.

Infochoice directors had endorsed the $0.7841 off-market offer, which had been a 61% premium of the average ICH trading price over a 12-month period.

iSelect is funding the purchase through a $35 million loan facility with Goldman Sachs and Partners.

iSelect first flagged its intention to pursue an Infochoice purchase in May, and in August altered the terms to make the offer more attractive to shareholders.

ICH shares last traded on-market at $0.485.

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Tags Mergers and acquisitionsonline salesiSelectInfochoiceASX:ICHMatt McCann

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