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LendingTree completes acquisition of QuoteWizard.com

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Dion Global

01 Nov 2018

LendingTree, Inc. announced that its wholly-owned subsidiary, LendingTree, LLC, has completed the previously announced acquisition of QuoteWizard.com, LLC, one of the largest insurance comparison marketplaces in the growing online insurance advertising market. The acquisition of QuoteWizard marks LendingTree's first official entry into the insurance vertical.

"I'm thrilled to formally welcome QuoteWizard to the LendingTree team," said Doug Lebda, Founder and CEO of LendingTree. "Expanding LendingTree's product portfolio through the acquisition of QuoteWizard creates an incredible opportunity to drive continued growth and deliver shareholder value by further diversifying the business, leveraging the strength of the LendingTree brand, and capitalizing on the ongoing digitalization of financial services."

The equity purchase has a possible total consideration of USD 370.2 million, which consists of USD 300 million in cash at closing and contingent payments of up to USD 70.2 million, subject to achieving certain growth targets over a three-year period. The upfront payment was funded with a combination of USD 175 million cash on hand and USD 125 million borrowing against the Company's revolving credit facility.