FRANKFURT German media group ProSiebenSat.1 has agreed to buy 80 percent of German energy price comparison site Verivox from Oakley Capital for 170 million euros ($190 million).
The price tag for Verivox, ProSieben’s largest digital acquisition so far, could rise by up to 40 million euros depending on Verivox’s operating profit this year, ProSieben said on Friday.
Oakley Capital will hold on to a minority stake.
Broadcaster ProSieben is expanding its online media offerings and said it wanted to start building a stable of comparison portals. It bought telecoms price comparison site preis24.de in 2012.
Verivox was founded in 1998 and is Germany’s largest independent consumer portal for energy. It also offers price comparisons for telecoms, insurance and finance products.
Verivox says it has helped more than 7.5 million households switch their utility providers, saving them more 1 billion euros.
(Reporting by Harro Ten Wolde- Editing by Georgina Prodhan)
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