Online price comparison platform Moneysupermarket.com said it was buying consumer cashback website Quidco for up to £101m as it said third-quarter revenue fell 10% in the face of more competition for insurance visitors.
Moneysupermarket on Tuesday said it would pay £87m in cash for Quidco with a further £14m deferred on a debt-free, cash-free basis.
Quidco is the second largest cashback business in the UK with around one million transacting users. It offers cashback at around 4,500 merchants including retail, travel and switching services, Moneysupermarket added.
Moneysupermarket.com maintained earnings guidance citing resilient margins. Revenue for the three months to September 30 fell to £76.4m.
