LONDON (SHARECAST) - MoneySupermarket.com Group has said it will complete the acquisition of MoneySavingExpert early Friday, when the 22.12m shares that are due to founder Martin Lewis will be admitted to trading.
On completion, Lewis will remain as editor-in-chief of MoneySavingExpert. The website "intends to preserve the editorial independence of MoneySavingExpert through an agreed editorial code", it said.
The price comparison web site firm is making the acquisition for £87m, costs which had a negative impact on its half-year results.
The firm's Chief Executive has previously defended the cost of the purchase, saying MoneySavingExpert.com is "among the most trusted brands in consumer finance” and that the combination of the two businesses "will give us a greater ability to help more customers and will accelerate progress towards our goal of helping every consumer make the most of their money".
In the year ended October 31st 2011, MoneySavingExpert reported revenues of £15.77m and earnings before interest tax depreciation and amortisation of £12.64m.
MoneySupermarket.com Group's share price rose 0.29% to 138p by 15:00.