Advising Go Compare on its acquisition of MyVoucherCodes
19 Dec 2017
The firm is advising GoCompare.com Group plc (“GoCompare”), which operates a leading UK comparison website www.gocompare.com, on the acquisition announced earlier today of The Global Voucher Group Limited, which trades as MyVoucherCodes, from Monitise Limited for £36.5 million in cash.
MyVoucherCodes.co.uk is one of the UK’s largest online voucher code sites with eight million e-mail subscribers and a website which receives c.45 million annual visits. The acquisition furthers GoCompare’s mission to “help people everywhere save time and money”, as both businesses are focused on enabling people to make better-informed decisions about their purchases.
The acquisition will be financed through a combination of existing cash resources and an extension to GoCompare’s existing credit facilities, which Simmons & Simmons is also advising GoCompare on. Completion of the acquisition is subject to customary closing conditions and is expected to occur in January 2018.
Simmons & Simmons also recently advised GoCompare on its first overseas investment in the Middle East – the acquisition of a minority stake in Dubai-based FinTech company Souqalmal.com. Click here for more information.
Nick Edwards, GoCompare’s Chief of Staff and General Counsel, said: “We are grateful to Colin, Tim, Haya and the wider Simmons & Simmons team for all of their help on the MyVoucherCodes acquisition. On both this transaction and the Souqalmal.com transaction, Simmons & Simmons has supported us every step of the way with pragmatic, pro-active and coordinated advice – it has been a real team effort.”
Commenting on the transaction, corporate partner Colin Bole said: ‘‘We have really enjoyed working with Nick and the rest of the executive team at GoCompare to deliver the MyVoucherCodes acquisition – GoCompare’s first majority control acquisition – and are thrilled to have helped them in making further progress towards their ambition to become the “go-to” place for savvy savers to find great deals.”.
The Simmons & Simmons team was led by corporate partner Colin Bole, assisted by corporate associates Tim Wass and Haya Aftab, and included tax partner Nick Cronkshaw and associate Zoë Arnautov, banking partner Alistair Hill and associate Toby Hewitt, IP partner and FinTech sector head Angus McLean and associate Jack Simmons, data protection & privacy partner Lawrence Brown and associate Gurdip Khatra, real estate partner Deian Rhys and associates Kelly Brown and Owain Morgan, employment of counsel Anna Shelley and associate Louisa Rogers, pensions and incentives associates Ed Smith, Tair Hussain and Laura Lipton, and anti-trust partner Peter Broadhurst and associate Shachi Nathdwararala.