LendingTree To Buy QuoteWizard.com For $370 Mln

(RTTNews) - LendingTree Inc. (TREE) Thursday said it agreed to buy QuoteWizard.com, LLC, one of the largest insurance comparison marketplaces for $370.2 million.

The equity purchase has a possible total consideration of $370.2 million, which consists of $300 million in cash at closing and contingent payments of up to $70.2 million, 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.

LendingTree intends to fund the acquisition through cash on hand and by drawing on the existing credit agreement.

"By acquiring QuoteWizard, LendingTree will establish itself as a leading player in the online insurance advertising industry, while continuing our ongoing diversification within the financial services category," said Doug Lebda, Founder and CEO of LendingTree.

QuoteWizard, which was founded in 2006, has helped nearly 40 million consumers find their ideal insurance policy with top-tier insurance carriers across key insurance markets, including auto, home and health.