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Bankrate to Be Acquired by Red Ventures for $14.00 per Share

NEW YORK and CHARLOTTE, N.C., July 3, 2017 /PRNewswire/ -- Bankrate (NYSE: RATE), a leading online publisher, aggregator, and distributor of personal finance content, today announced that it has entered into a definitive agreement to be acquired by Red Ventures, a leading digital consumer choice platform, in an all-cash transaction that values Bankrate at an enterprise value of approximately $1.4 billion. Under the terms of the merger agreement, Bankrate shareholders will receive $14.00 per share in cash, which represents a premium of approximately 31 percent over Bankrate's three-month average closing share price. The merger agreement has been unanimously approved by Bankrate's Board of Directors.

The combination will create a scaled and diversified digital platform of consumer marketplaces. Bankrate is a leading consumer financial services company with online brands across personal finance categories, including credit cards, banking and senior care. Red Ventures uses advanced analytics, data science and integrated technology to cultivate digital connections between brands and consumers across the financial services, home services and healthcare industries. Bankrate's comprehensive platform and millions of users across multiple brands will deepen Red Ventures' footprint in the financial services industry and enhance relationships between financial services providers and consumers looking for trusted, authoritative information when making decisions about their personal finances and senior care.

"We're excited to join forces with the Bankrate team, which has built an impressive and powerful platform of consumer-facing financial services content and brands," said Ric Elias, CEO of Red Ventures. "Our capabilities are highly complementary. We see significant potential to leverage our technology, strategic partnerships and digital expertise and build on Bankrate's leading platforms to help more consumers find the financial services and products that meet their needs."

"We are thrilled to have reached an agreement that delivers immediate and significant value to our shareholders while joining with Red Ventures, a world-class organization that will take the Bankrate businesses to the next level of success," said Kenneth S. Esterow, President and CEO of Bankrate. "As a part of Red Ventures, Bankrate will be better positioned than ever to be the partner of choice for providers to acquire customers."

The transaction, which is expected to close in 2017, is subject to approval by Bankrate shareholders, regulatory approval and other...


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