The acquisition is the largest digital purchase to date for the Germany commercial broadcaster. ProSiebenSat.1 is acquiring an 80% stake in Verivox, through its 7Commerce digital unit, for €170 million plus a variable price component that will depend on Verivox’s profits this year.
Former owners led by Oakley Capital will continue to hold a minority stake in the company. The deal is subject to approval by German competition watchdog the Bundeskartellamt.
“Verivox has outstanding growth potential and is a highly attractive brand. In recent years, the company has invested heavily in the expansion of its comparison services and now has a comprehensive portfolio which, in addition to energy, includes the telecommunication, insurance, and financial service segments. In the years ahead we will draw upon the marketing power of our TV stations to establish Verivox as a leading portal in this segment,” said Christian Wegner, Member of the Executive Board, Digital, ProSiebenSat.1 Group.
“We are very pleased to have found a strong new partner and owner with ProSiebenSat.1. Jointly, we will work together to further accelerate the growth of Verivox’s unique consumer proposition by deploying ProSiebenSat.1 media power. This will aid our efforts to increase awareness of our new business segments in car insurance, telecommunications and preferential online credits offers. Additionally, our market leading energy comparison service will now be made aware to more consumers who will directly benefit by their opportunity to save money for free,” said Chris Öhlund, CEO of the Verivox Group.