Experian sells non-core businesses for 80m dollars

26th Oct 2012 09:40

Experian, a global information services company, has completed the sale of PriceGrabber and its North America online lead generation activities for 80m dollars, with a possible $30m extra on earnouts.PriceGrabber, a price comparison shopping business, and LowerMyBills and ClassesUSA, will be sold to the management teams of those businesses.The gross consideration is $80m, comprising $2m cash and a $78m loan note. In addition, if profit targets are met, Experian could receive up to $110m.Experian expects to realise cash tax relief of about $120m over the next two years.For the year ended March 31st 2012, revenues for the businesses sold were $283m and earnings before interest and tax were £20m.CM